The arrest of Ilham, founder of WhiteRock, triggered significant market changes, particularly for the WHITE token, which plummeted in value.
Arrest of the Founder and Market Repercussions
Ilham was arrested in the UAE as part of an investigation into large-scale fraud related to the ZKasino project. This news led to a quick deterioration of investor sentiment.
Price Drop and Investor Response
The WHITE token lost over 40% of its value following the arrest. In 24 hours, the token's price dropped by 38.30%, indicating investor distress. The market reacted with a 76.59% decrease in trading volume, with the token's market cap at $287.74 million.
Historical Scams and DeFi Issues
Scandals in the cryptocurrency world continue to undermine trust in DeFi projects. ZKasino, for instance, became one of the largest fraud cases in this space, impacting thousands of investors. The coinciding events raise questions about the future of trust in DeFi.
The arrest of Ilham and the subsequent market reaction highlight the fragility of trust in the DeFi sector. Investors remain cautious against a backdrop of chronic fraudulent practices.
