03.07.2025 16:11

UAE authorities have apprehended a 21-year-old cryptocurrency entrepreneur suspected of orchestrating a $30 million rug pull perpetrated by the ZKasino crypto betting platform. This arrest marks a significant development in the ongoing investigation.

According to reports from crypto investigator ZachXBT, the suspect, identified as Norwegian national Ildar Ilham, founder of the crypto brokerage WhiteRock, faces extradition to the Netherlands. There, he will stand trial for his alleged role in the ZKasino scam.

UAE police allege that Ilham maintained communication with another ZKasino suspect, Elham Nourzai, who was apprehended by Dutch authorities on April 29, 2024. Intercepted messages allegedly reveal a premeditated plan to defraud ZKasino users, with the platform's smart contract deliberately designed to prevent fund recovery.

Last year, ZKasino users experienced a devastating rug pull. The platform surreptitiously converted over 10,505 ETH (approximately $27 million) in user deposits into its own token, rendering them inaccessible. Subsequently, users were offered a limited, ultimately unsuccessful, withdrawal window.

Adding to the complexity of the case, a wallet associated with the theft was used to place a substantial $27 million bet on ETH's price via Hyperliquid, a bet that ultimately failed. ZachXBT's investigations further linked WhiteRock's wallets to ZKasino's illicit activities, raising concerns about the potential for another rug pull from WhiteRock.

Following Nourzai's arrest, ZachXBT observed a methodical money-laundering scheme. Funds were subtly moved through Hyperliquid bets, over-the-counter brokers, and finally converted into Monero, a privacy-focused cryptocurrency. This intricate process highlights the sophisticated nature of the alleged criminal operation. Further information can be found through various internet sources.