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WhiteRock’s native token has plunged nearly 25% in the past 24 hours amid reports that its founder, Ildar Ilham, has been arrested in the United Arab Emirates.
The price of WhiteRock (WHITE), the token that powers the on-chain brokerage for tokenized equities and bonds, fell sharply following reports of Ilham’s arrest.
Blockchain sleuth ZachXBT, who previously highlighted a possible link between the WhiteRock founder and the $30 million Zkasino exit scam, also posted an update of Ilham’s detention in the UAE.
A news report shared by the analyst indicates that law enforcement are holding a 21-year-old Norwegian man in connection with an international investigation into a crypto scam involving Zkasino.
ZachXBT warned about WhiteRock and its team
According to ZachXBT, the WhiteRock Finance founder now awaits extradition to the Netherlands, where he faces criminal charges. In a June 16 post on X, ZachXBT noted:
“At least one team member from the $30M Zkasino exit scam appears to be involved with the project WhiteRock WHITE due to onchain transactions linking both projects and a personal email address.”
The onchain investigator pointed out several red flags around the project, including the anonymous nature of the team, false claims about partnerships, and commingled fund flows. He also linked WhiteRock’s marketing wallet to the $30 million stolen from the Zkasino gambling platform.
“I think the risk of a rug with WhiteRock remains high due to their history with other projects (Zkasino, Syncus, Zigzag),” ZachXBT wrote.
WHITE’s price notably surged by more than 116% on May 30 after rumors circulated about a potential mega partnership with a Saudi Arabian oil company.
According to market data, WhiteRock is currently trading at around $0.0006233, down 25% in the past 24 hours. The token has plummeted by nearly 60% over the past month.
WHITE is listed on exchanges such as MEXC, BingX, and Gate.