Authorities in the United Arab Emirates (UAE) reportedly have detained Ildar Ilham, founder of the decentralized financial protocol, Whiterock Finance, as part of allegations over $30 million fraud through Zkasino.
According to a Thursday X post from Crypto Sleuth Zachxbt, UAE authorities have arrested Ilham in connection with an investigation into “wide range of fraud” surrounding Zkasino. A Zachxbt report suggests that Whiterock is connected to Zkasino’s $30 million funding.
The suspected investor fraud followed the launch of Zkasino in April 2024, and the platform has promised air routes for selected users’ native tokens. However, reports show that more than a year later, the funds have not yet been returned.
In April 2024, Dutch authorities arrested a 26-year-old man (reportedly Elham Nouzai, a crypto personality) over allegations of fraud, embezzlement and money laundering, citing his involvement in the Zukasino scam.
According to ZachxBT, Ilham’s arrest is linked to an investigation into Nurzai and Zukasino, where extradition to the Netherlands is underway.
Another individual suspected of being involved in the lawsuit, Rior Ben Zakhan, was not mentioned in the arrest report.
Related: Zkasino Scammer loses $27 million as Ethereum prices drop
Whitelock Native Token Prices fall after arrest
Following reports of Ilham’s detention, White, the White Rock native token, fell more than 40% on Thursday, to $0.0003,909 from $0.0006,582.
This case is one of the latest scams targeting crypto users. US officials reported Wednesday that they had recovered about $40,000 of the more than $250,000 taken from individuals who donated to the first fraudulent committee.
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