The founder of digital asset firm WhiteRock Finance, identified as Ilham, has been detained in the United Arab Emirates amid allegations of orchestrating a $30 million cryptocurrency fraud connected to blockchain project ZKasino.
Authorities claim Ilham participated in a scheme that promised investors lucrative token airdrops which subsequently failed to materialize. The arrest triggered immediate market repercussions, with WhiteRock Finance’s WHITE token plunging over 40% within 24 hours. Trading prices collapsed from $0.0006582 to $0.0003909 following public disclosure of the detention.
This case forms part of an intensifying global effort to combat cryptocurrency fraud, coinciding with recent U.S. enforcement actions including the recovery of $40,000 from a $250,000 scam operation. Blockchain investigator ZachXBT played crucial role in exposing connections between ZKasino and WhiteRock Finance frauds by tracing fundraising patterns across both operations.
The incident underscores heightened regulatory scrutiny targeting fraudulent activities in decentralized finance ecosystems worldwide, signaling stronger enforcement measures to maintain market integrity across blockchain projects.