Crypto investigator ZachXBT has put out a community warning, showing shocking connections between the $30M Zkasino exit scam and a more recent project, WhiteRock Finance (WHITE).
ZachXBT’s investigation on Zkasino Exit Scam, Source: X
Zkasino is a crypto project related to gambling that took more than $33 million in investments during a presale. However, instead of providing what they guaranteed on its roadmap, the Zkasino team is said to have utilized the funds for themselves.
In April 2024, Elham Nourzai, also known as Derivatives_Ape, was arrested by Dutch authorities (FIOD). Some of the stolen funds from the Zkasino scam were also seized during the arrest. Later in 2024, after Elham was released, the stolen money began moving again. The funds were laundered through multiple blockchains, like zkSync, Starknet, Solana, and EVM-based networks.
The money laundering methods involved cashing out via OTC brokers, exchanging into the privacy coin Monero (XMR) instantaneously through exchanges, and trading perpetual contracts using platforms such as Hyperliquid.
At same time, there was a new cryptocurrency project named WhiteRock Finance, which popped up and raised alarm immediately. The group that created it remained anonymous and did not have any known background in the cryptocurrency community. They were also accused of making fake partnerships to appear more legitimate.
Many of their wallets were funded using quick exchanges. Furthermore, they made great claims of having a large user base and support through USDX, but provided little data or transparency to back this up.
ZachXBT followed marketing wallet transactions from WhiteRock that mixed with Zkasino’s stolen funds. One influencer even verified being directly paid by a wallet belonging to both projects. These revelations indicate that at least one Zkasino insider can now be implicated in WhiteRock. Zach calls for the crypto community to be on high alert and not engage with the project.
Also Read: ZachXBT Calls on BitoPro to Explain $11.5M Hot Wallet Breach