WhiteRock founder to be extradited over $30M ZKasino case — ZachXBT
Analysis
Price Impact
HighThe price of whiterock's native token, white, dropped more than 40% following reports of the founder's detainment, indicating a strong negative market reaction.
Trustworthiness
HighThe information comes from credible sources, including on-chain analyst zachxbt and reporting by cointelegraph, known for their coverage of crypto-related legal and financial events.
Price Direction
BearishThe arrest and extradition proceedings against the founder, coupled with allegations of fraud and embezzlement, create significant uncertainty and negative sentiment around whiterock finance, likely leading to further price declines.
Time Effect
ShortThe immediate price drop suggests a short-term impact driven by the news. however, the long-term effect will depend on the outcome of the legal proceedings and the future of the whiterock project.
Original Article:
Article Content:
Turner Wright 3 minutes ago WhiteRock founder to be extradited over $30M ZKasino case — ZachXBT WhiteRock Finance founder Ildar Ilham was reportedly detained in the UAE more than a year after Dutch authorities announced an arrest linked to ZKasino. Listen 0:00 16 News COINTELEGRAPH IN YOUR SOCIAL FEED Authorities in the United Arab Emirates (UAE) have reportedly taken Ildar Ilham, the founder of the decentralized finance protocol WhiteRock Finance, into custody as part of allegations over a $30-million scam through ZKasino. According to a Thursday X post from crypto sleuth ZachXBT, UAE authorities arrested Ilham in connection with an investigation into “wide-scale fraud” surrounding ZKasino. ZachXBT’s report suggested that WhiteRock was connected to ZKasino’s $30 million fundraising. The alleged investor scam followed ZKasino’s launch in April 2024, with the platform promising an airdrop of its native token to select users. However, reports indicate that more than a year later, the funds still have not been returned. Source: ZachXBT In April 2024, Dutch authorities arrested a 26-year-old man — reportedly crypto personality Elham Nourzai — on claims of fraud, embezzlement and money laundering, citing his involvement in the ZKasino scam. According to ZachXBT, Ilham’s arrest is connected to the investigation against Nourzai and ZKasino, with his extradition proceedings to the Netherlands underway. Lior Ben Zakan, another individual suspected to be involved with the case, was not mentioned in the arrest report. Related: ZKasino scammer loses $27M as Ethereum price drops WhiteRock native token’s price falls after arrest Following reports of Ilham’s detainment, the price of WhiteRock’s native token, WHITE, dropped more than 40% on Thursday, to $0.0003909 from $0.0006582. The case is one of the latest scams targeting crypto users. US authorities reported on Wednesday that they had recovered roughly $40,000 out of more than $250,000 taken from an individual who donated to a fraudulent inaugural committee. Magazine: Secrets of crypto founders under 25 who are making bank # Law # Netherlands # Court # Crimes # Regulation Add reaction