Prominent crypto investigator ZachXBT has uncovered compelling evidence tying the controversial project White Rock Finance ($WHITE) to the infamous ZKasino exit scam. This scam rocked the crypto world in 2024 by siphoning over $30 million from investors. Through meticulous on-chain analysis and wallet tracing, ZachXBT revealed connections between White Rock and key figures implicated in the ZKasino scandal. These include Ildar Ilham (alias “Prometheus”), who remains under scrutiny following the collapse of the decentralized gambling platform.
This investigation sheds light on a pattern of deception and money laundering that spans multiple blockchains. It raises serious concerns about the legitimacy of White Rock and its potential role in perpetuating fraudulent activities.
The ZKasino Scandal: A $30 Million Heist
ZKasino, marketed as a decentralized gambling platform, attracted significant attention during its presale phase. It amassed over $30 million in investor funds. However, instead of delivering on its promises, the project team allegedly orchestrated an exit scam in April 2024, disappearing with investors’ assets.
The fallout prompted legal action with Dutch financial crime authorities (FIOD) arresting key member Elham Nourzai. Nourzai was briefly detained. Meanwhile, his co-conspirators—Ildar Ilham and Lior Ben Zakan —are believed to have fled to the Middle East. Despite their evasion, laundering of the stolen funds resumed later in 2024 across multiple blockchains. These included zkSync, Starknet, Ethereum, and Solana, according to ZachXBT’s findings.
The stolen funds are allegedly funneled through various channels, including over-the-counter brokers. They are also converted into the privacy-focused cryptocurrency Monero (XMR) and involved in high-risk trading on decentralized perpetuals platforms like Hyperliquid.
White Rock: A Familiar Pattern Emerges
White Rock Finance ($WHITE) emerged in late 2024, drawing immediate skepticism from the crypto community. Despite presenting a polished frontend, the project raised numerous red flags:
- Anonymous team: No clear identities or verifiable credentials.
- Exaggerated claims: Unrealistic user figures and faked partnership announcements.
- Unbacked stablecoin: Its native stablecoin, USDX, lacked transparent backing or audit trails.
However, the most damning evidence came from a marketing wallet used by White Rock for influencer payouts. Wallet address 0xfd978bcb706133403cf2fe0e07d872342c81266b showed direct interaction with addresses linked to ZKasino’s stolen funds.
Further analysis revealed a suspicious pattern: In late February to early March 2025, significant amounts of ZKasino-linked funds were moved into instant exchanges. Subsequently, matching deposits appeared in White Rock wallets. Thus, this suggests a money-laundering loop involving privacy-focused Monero transactions.
Personal Identifiers Tie White Rock to ZKasino
The final connection surfaced through a leaked personal email: “[email protected]”, tied to the deployer address of White Rock’s smart contracts. Cross-referencing this email, ZachXBT discovered it was also used on Chess.com under the username “IldarTheGrandMaster”, which traces back to Ildar Ilham, a central figure in the ZKasino scandal.
This revelation, supported by on-chain analytics and wallet clustering, establishes a direct link between White Rock’s deployment activity and one of ZKasino’s orchestrators.
A History of Deception
ZachXBT highlighted that the individuals behind White Rock have a troubling history of involvement in other questionable projects, such as Syncus and ZigZag. Both initiatives were plagued by allegations of insider enrichment, lack of transparency, and mismanagement of user funds.
The combination of ongoing laundering tactics, deceptive marketing practices, and ties to prior scams paints a concerning picture for $WHITE. ZachXBT warns of a high rug-pull risk.
“As the ZKasino team awaits trial,” ZachXBT wrote, “I hope Ildar Ilham, Elham Nourzai, and Lior Ben Zakan face serious legal repercussions for all of the harm they have caused to investors.”
He also urged crypto exchanges like MEXC and Gate.io to delist the $WHITE token . They should implement stricter due diligence processes before listing assets associated with tainted teams.
Community Calls for Greater Transparency
While no formal charges against the White Rock team, and the project remains operational, ZachXBT’s findings have reignited calls for increased vigilance within the crypto industry. Community members are demanding better vetting mechanisms. They also want greater transparency from emerging DeFi protocols to prevent similar scams in the future.
The case underscores the importance of conducting thorough research before investing in new projects. It highlights the need for regulatory oversight to protect unsuspecting investors.
Final Thoughts
The alleged connection between White Rock Finance and the ZKasino exit scam is a stark reminder of the risks inherent in the decentralized finance space. As ZachXBT’s investigation reveals, bad actors often recycle their tactics. They prey on unsuspecting investors with polished facades and empty promises.
For now, the crypto community must remain vigilant. They should scrutinize projects and hold platforms accountable for enabling fraudulent activities.
