WhiteRock Crashes 50% Overnight as Founder Nabbed in $30M ZKasino Scandal—Crypto’s Latest ’Trust Us’ Moment

Crypto VC darling WhiteRock got rug-pulled by its own founder—now facing charges for allegedly siphoning $30M from gambling platform ZKasino. The arrest sent shockwaves through the project's token, which tanked faster than a degen's leveraged long.

Anatomy of a Disaster

The Dutch Fiscal Intelligence and Investigation Service (FIOD) confirmed the arrest early today, citing 'large-scale fraud' tied to blockchain betting platform ZKasino. Investors thought they were backing the next big thing in decentralized gambling—turns out they were funding someone's private jet.

Market Carnage

WhiteRock's native token (WRT) plunged 50% in 3 hours post-news, wiping out $15M in liquidity. The crash triggered cascading liquidations across DeFi platforms—another case study in crypto's favorite combo: anonymous teams plus unverified promises.

Same Story, Different Chain

This isn't crypto's first rodeo with founder exits. But the brazen scale—$30M allegedly funneled through shell companies—shows how easily 'web3 innovation' becomes old-school embezzlement when oversight is treated as optional.

As the dust settles, one truth remains: in crypto, the house always wins—especially when it's rigged from the start.

ZachXBT warned about WhiteRock and its team

According to ZachXBT, the WhiteRock Finance founder now awaits extradition to the Netherlands, where he faces criminal charges. In a June 16 post on X, ZachXBT noted:

“At least one team member from the $30M Zkasino exit scam appears to be involved with the project  WhiteRock WHITE due to onchain transactions linking both projects and a personal email address.”

The onchain investigator pointed out several red flags around the project, including the anonymous nature of the team, false claims about partnerships, and commingled fund flows. He also linked WhiteRock’s marketing wallet to the $30 million stolen from the Zkasino gambling platform.

“I think the risk of a rug with WhiteRock remains high due to their history with other projects (Zkasino, Syncus, Zigzag),” ZachXBT wrote.

WHITE’s price notably surged by more than 116% on May 30 after rumors circulated about a potential mega partnership with a Saudi Arabian oil company.

According to market data, WhiteRock is currently trading at around $0.0006233, down 25% in the past 24 hours. The token has plummeted by nearly 60% over the past month.

WHITE is listed on exchanges such as MEXC, BingX, and Gate.