Ildar Ilham, founder of the decentralized finance protocol WhiteRock Finance, has been detained in the United Arab Emirates on fraud charges. The information was reported by crypto sleuth ZachXBT.
Circumstances of the Arrest
According to a Thursday post on X from ZachXBT, Ilham was arrested in connection with an investigation into large-scale fraud surrounding ZKasino, allegedly linked to WhiteRock’s $30 million fundraising.
Connection to Other Individuals
Ilham’s arrest is also connected to the investigation of a 26-year-old man, reportedly known as Elham Nourzai, who was arrested by Dutch authorities in April 2024 on fraud and money laundering charges. Extradition proceedings for Ilham to the Netherlands are underway.
Impact on Cryptocurrency Market
Following reports of Ilham’s detention, the price of WhiteRock’s native token, WHITE, dropped over 40%, falling from $0.0006582 to $0.0003909. This case adds to a troubling trend of scams affecting cryptocurrency users.
The arrest of Ildar Ilham highlights the severity of fraud in the cryptocurrency sector. These events may negatively impact user trust in new projects.
