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.
ZachXBTs report suggested that WhiteRock was connected to ZKasinos $30 million fundraising.
The alleged investor scam followed ZKasinos 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: ZachXBTIn 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, Ilhams 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 dropsFollowing reports of Ilhams detainment, the price of WhiteRocks 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.
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