tl;dr
On-chain analyst ZachXBT reported links between a suspected fraudster from the $30 million ZKasino scam and a new crypto project called WhiteRock (WHITE). WhiteRock, launched in December 2024 with an anonymous team, has overstated user numbers and unverifiable claims about its USDX reserve. Evidence...
On-chain analyst ZachXBT has uncovered links between a suspected $30 million ZKasino scammer and a new cryptocurrency project called WhiteRock (WHITE). Launched in December 2024 by an anonymous team, WhiteRock has made unverifiable claims about its user base and USDX reserve, raising alarms among researchers and the crypto community.
ZachXBT’s investigation revealed overlapping wallets and suspicious fund transfers between the ZKasino treasury and WhiteRock. Payments traced from WhiteRock-linked wallets connect back to ZKasino, with identical fund movements passing through Monero bridges to obscure their origins. A direct personal connection was identified between WhiteRock contract deployers and Ildar Ilham, known as “Prometheus,” a co-founder of ZKasino, confirming deeper ties and involvement.
ZKasino had raised over $30 million in Ethereum during its 2024 presale but failed to deliver the promised gambling platform, instead diverting the funds. In April 2024, Dutch authorities arrested one co-founder, while others operated from the Middle East. Funds stolen from ZKasino were laundered via multiple blockchains and privacy networks, such as zkSync, Starknet, and Monero, effectively breaking the trail and supporting new fraudulent projects like WhiteRock.
ZachXBT has called on major exchanges like MEXC and Gate.io to delist WhiteRock or conduct thorough investigations, citing a recurring pattern among related projects—including Syncus and Zigzag—of raising capital, laundering funds through privacy tools, and abandoning their roadmaps. WhiteRock, lacking corporate transparency and ignoring inquiries, appears to be continuing this deceptive trend.
The ZKasino saga highlights the risks investors face when anonymous teams and complex fund flows mask fraudulent activity. It serves as a cautionary tale emphasizing the need for diligent vetting and regulatory scrutiny in the evolving crypto landscape.