On July 3, UAE law enforcement arrested Ildar Ilham (AKA @XBT_Prometheus), the founder of WhiteRock_Fi, for his alleged role in the $30 million ZKasino exit scam.
(Source: ZachXBT)
The arrest comes after investors accused the platform of fraud, claiming their funds disappeared when ZKasion suddenly shut down. Authorities are now investigating the case as a suspected large-scale cryptocurrency scam.
UAE authorities have notified the Netherlands about the arrest of a 21-year-old Norwegian man linked to a major fraud case. The suspect, wanted internationally, is accused of involvement in a large-scale scam linked to the online gambling platform ZKasino.
$30 Million ZKasino Exit Scam: Background
The ZKasino scam defrauded investors of over $30 million through a fake gambling platform. After collecting funds in a presale, the team abandoned the project and disappeared with the money in a classic “rug pull” scheme.
Dutch authorities arrested one suspect, Elham Nourzai, in April 2024 and seized €11.4 million in assets, including real estate and cryptocurrency. Two other key suspects, Ildar Ilham and Lior Ben Zakan, reportedly fled to the Middle East.
After Nourzai’s temporary release, the stolen funds began moving across multiple blockchains in an apparent money laundering operation.
The money was transferred through ZkSync, Starknet, EVM, and Solana networks before being cashed out via OTC brokers. They converted to Monero (XMR) or traded on Hyperliquid. This complex chain-hopping made the funds difficult to trace.
However, on-chain sleuth revealed new evidence suggests that connections between the ZKasino scam and a recent project called WhiteRock Finance (WHITE).
Investigators found financial links between the projects, including shared wallet addresses and transactions routed through instant exchanges. An email address associated with WhiteRock’s deployer was also tied to Ildar IIham, the alleged ZKasino mastermind.
Cryptocurrency exchanges are being urged to delist the WHITE token and conduct thorough due diligence. Meanwhile, authorities continue investigating the ZKasino case, with trials pending for the arrested suspects.
This is a tone-setting case,” said Selden, a member at law firm Cole Schotz PC. “We have victims on American streets, and the Department made clear they didn’t want to wait for an arrest to actually ensure that the crypto was actually seized.
Around the globe, cryptocurrency scams are surging, with fraudsters using sophisticated tactics like rug pulls, phishing, and fake investments. As losses grow, law enforcement agencies worldwide are forming alliances to combat these crimes.
International task forces and crypto sleuths are working hard to track stolen funds, arrest perpetrators, and protect investors.
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