WhiteRock (WHITE), a new cryptocurrency project, has come under scrutiny as investigators have linked it to a figure involved in the $30 million ZKasino alleged scam. The project emerged in December 2024 with an anonymous team, exaggerated user counts, and unverifiable claims about a USDX reserve, according to researchers at Blokiments.
On-chain analyst ZachXBT provided fresh evidence linking WhiteRock to ZKasino by uncovering payments from a WhiteRock-tied wallet to an influencer, as well as transfers from a ZKasino wallet to WhiteRock addresses through Monero bridges. There is also a potential personal link between WhiteRock and ZKasino, as an address associated with WhiteRock exchanged messages with an email tied to a Chess.com account used by “IldarTheGrandMaster,” who is believed to be linked to the ZKasino episode.
ZachXBT suggested that at least one ZKasino founder is involved in directing WhiteRock activities, and called for centralized venues like MEXC and Gate.io to delist WHITE or conduct further due diligence. He highlighted a pattern of behavior in ZKasino and related projects, such as Syncus and Zigzag, where funds were raised, cycled through privacy rails, and roadmaps were abandoned.
Despite the ongoing investigation, court dates for the ZKasino co-founders have not been set, and WhiteRock’s website does not list any corporate entity. The project’s administrators did not respond to inquiries from ZachXBT.
ZKasino raised over $30 million worth of Ethereum during a presale in 2024 but diverted user assets instead of developing the promised gambling platform. The co-founder, known as “Derivatives Monke,” was arrested by the Dutch financial crime agency FIOD in April 2024, leading to the seizure of related infrastructure. Transactions following one co-founder’s release showed the stolen ETH moving through various chains and exchanges, obscuring its origin while funding new ventures.
The interconnected nature of the ZKasino scam and the emergence of WhiteRock highlights the ongoing challenges in the cryptocurrency space, where bad actors continue to exploit investors and evade accountability. As the investigation unfolds, it serves as a reminder of the importance of due diligence and vigilance in the crypto community.