A new investigation by analyst ZachXBT has revealed troubling connections between the projects WhiteRock and ZKasino, indicating possible fraud and money laundering schemes. The analysis utilized blockchain transaction data.
Key Connections Uncovered
According to ZachXBT, blockchain transactions indicate that at least one wallet associated with the ZKasino scam also funded WhiteRock's marketing efforts. It was confirmed that influencers were paid directly from a wallet linked to stolen ZKasino funds. These funds reportedly moved through instant exchanges and were obscured using Monero (XMR), a common tactic in laundering money.
Red Flags and Allegations
ZachXBT highlighted multiple red flags around WhiteRock’s launch in late 2024. These include an anonymous team with no proven track record, exaggerated user numbers, and a suspicious USDX reserve system lacking transparency. The project also allegedly faked partnerships and used multiple side wallets filled via instant exchanges. Additionally, it was noted that Elham Nourzai, who was arrested in April 2024 in relation to the ZKasino case, began laundering funds post-release by chain-hopping across platforms like Starknet, ZkSync, and Solana.
Calls for Action and Legal Accountability
ZachXBT has called on exchanges such as MEXC and Gate.io to delist WHITE and conduct thorough due diligence. He expressed hope that individuals like Ildar Ilham, Elham Nourzai, and Lior Ben Zakan will face legal consequences as ZKasino’s criminal case proceeds. This emerging situation casts a long shadow over WhiteRock’s legitimacy and renews scrutiny on the due diligence standards of centralized crypto exchanges.
The investigation highlights significant issues surrounding WhiteRock and raises questions about the reliability of projects within the industry. The parallels between this company and ZKasino evoke serious concerns about potential fraudulent schemes.
