WhiteRock Token Plunges 25% Following Founder's Arrest Linked to $30M ZKasino Scam

WhiteRock's native token WHITE has plummeted nearly 25% in the last 24 hours after reports emerged of founder Ildar Ilham's arrest in the United Arab Emirates. The token, which powers the on-chain brokerage for tokenized equities and bonds, saw sharp declines following the news.

Blockchain investigator ZachXBT, who previously identified potential connections between WhiteRock's founder and the $30 million ZKasino exit scam, confirmed Ilham's detention in the UAE. Shared legal documents reveal authorities are holding a 21-year-old Norwegian national as part of an international investigation into crypto fraud involving ZKasino.

ZachXBT warns of WhiteRock's potential risks, stating: "At least one team member from the $30M ZKasino exit scam appears connected to WhiteRock WHITE, evidenced by on-chain transactions linking both projects and a personal email address." The investigator highlighted multiple concerning factors including the team's anonymity, false partnership claims, and suspicious fund flows.

The WHITE token had previously surged 116% on May 30 amid rumors of a potential partnership with a Saudi Arabian oil company. Currently trading at approximately $0.0006233, WHITE has lost 60% of its value over the past month. The token remains listed on major exchanges including MEXC, BingX, and Gate.