Dubai, UAE — In a major development shaking the crypto world, UAE authorities have arrested Ildar Ilham, founder of WhiteRock Finance, in connection with the unfolding $30 million ZKasino scam—a case that has drawn international attention for its scale and sophistication.
The arrest marks a significant step in the broader investigation into the ZKasino platform, which launched with fanfare in April 2024 but has since been exposed as a potential fraudulent scheme that duped investors through deceptive token promises and vanished funds.
Blockchain Sleuth Breaks the News
The news was first reported by prominent crypto investigator ZachXBT, who shared details on X (formerly Twitter), alleging Ilham’s detention stems from suspected links between WhiteRock and ZKasino’s controversial fundraising activities. According to his post, authorities believe Ilham played a key role in facilitating or benefiting from ZKasino’s fraudulent operation.
This isn’t the first major arrest in the case. Earlier this year, Dutch law enforcement detained Elham Nourzai, a 26-year-old crypto figure and alleged architect of the ZKasino platform, on charges including fraud and money laundering. Sources suggest Ilham’s arrest is tied to the same case, and extradition proceedings to the Netherlands are underway.
What Went Wrong with ZKasino?
ZKasino emerged in early 2024 with bold promises: a decentralized gambling platform backed by blockchain technology and an enticing airdrop campaign for early users. Investors were lured by the promise of future profits and token rewards tied to the platform’s native asset.
However, more than a year later, many users say they have yet to receive their promised tokens or see any return on their investments. As complaints mounted and investigations widened, the platform’s legitimacy came under scrutiny. What once seemed like an ambitious DeFi project has now been branded by some as an outright exit scam.
Market Fallout Hits WhiteRock Token
Following news of Ilham’s arrest, the WHITE token, the native cryptocurrency of WhiteRock Finance, saw an immediate plunge in value. Prices dropped over 40%, falling to $0.0003909 in the hours after the announcement—erasing millions in market value and sending shockwaves through its investor base.
While details about Ilham’s exact role remain under wraps, authorities suggest he may have either knowingly facilitated fraudulent fundraising or misused investor funds. His connection to Nourzai and potential financial transfers between WhiteRock and ZKasino are key elements under investigation.
Meanwhile, Lior Ben Zakan, another alleged associate in the case, has not been named in the latest update. His involvement, if any, remains unclear.
A Cautionary Tale for Crypto Investors
The ZKasino scandal adds to a growing list of crypto-related fraud cases emerging globally. Just this week, U.S. authorities reported recovering only $40,000 of a $250,000 scam involving a fake presidential inaugural committee—highlighting the elusive nature of fraud recovery in digital asset ecosystems.
As the decentralized finance (DeFi) space continues to grow, investors are strongly urged to conduct thorough due diligence, remain skeptical of overly ambitious promises, and stay alert for classic red flags like anonymous teams, unverifiable audits, and unrealistic tokenomics.
The UAE’s swift action in Ilham’s arrest signals growing global coordination to tackle crypto fraud. With extradition proceedings underway and more names likely to surface, the ZKasino saga is far from over—and could serve as a watershed moment in MENA’s approach to digital asset regulation and enforcement.
