The authorities of the United Arab Emirates (UAE) arrested the founder of the crypto project WhiteRock on suspicion of fraud amounting to $30 million related to the Zkasino platform. The arrest was the result of an international investigation that accuses the founder of manipulating investor funds. Preliminary reports indicate that the project promised high returns, but instead, the funds were withdrawn, leading to significant losses. The extradition process to the Netherlands is currently underway, where a court hearing is planned.
The situation has caused a stir in the crypto community, as WhiteRock positioned itself as a promising startup in the DeFi space. Experts note that this is yet another case highlighting the need for stricter regulation of the crypto market. Following the arrest, the $WHITE token sharply fell in price by 40%, reflecting a loss of investor confidence. There are no official statements from WhiteRock, and the details of the scheme are still under investigation.
This incident is part of a broader trend towards strengthening the fight against financial crimes in the crypto sphere. The authorities of the UAE and other countries are increasingly collaborating to uncover such frauds. Investors are advised to thoroughly check projects before investing.
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