WhiteRock founder Ildar Ilham was arrested in the UAE for ZKasino's $30 million "carpet pumping" incident. This indicates how the future of DeFi will develop?

The cryptocurrency circle is hotly discussing the latest developments in the ZKasino incident. With WhiteRock founder Ildar Ilham being arrested in the UAE, it marks a gradual start to enforce the law amid allegations of “pulling carpets” involving the disappearance of $30 million in funds.

The Fall of ZKasino: A Quick Review

Last year, the ZKasino platform was exposed to convert the 10,505 ETH deposited by users (about 27 million US dollars) into its own tokens and make it unable to withdraw, causing users to be shocked and panic. This behavior was quickly defined as "pulling the carpet", leaving many investors feeling deceived and in financial difficulties. The previously promised withdrawal ended up in vain, and the attempt to recover losses by making huge bets of up to $27 million on the Hyperliquid platform has actually worsened the situation.

Arrest: A silver lining

Recently, the arrest of Ildar Ilham in the UAE has become a key turning point. It is reported that Ilham, as the founder of cryptocurrency brokerage firm WhiteRock, is about to be extradited to the Netherlands to accept relevant charges. UAE police pointed out that Ilham had contact with Elham Nourzai, who was arrested by Dutch police on April 29, 2024 and was another person involved in the case. The communication between the two allegedly indicated that they had never planned to return ZKasino's funds, and that the smart contract was designed to achieve this. Crypto tracking expert ZachXBT plays an important role in revealing the relationship between WhiteRock and ZKasino and early warnings of potential risks.

Follow-up impact: Where did the money go?

After Nourzai was released, the funds were allegedly whitewashed through a variety of channels, including large betting on Hyperliquid, operation through OTC traders and exchanges for Monero, a cryptocurrency that emphasizes privacy protection. This reflects the complex and concealed approach in the field of encryption to mask illegal gains.

The security layout of Shiba Inu coins: Another perspective

While the ZKasino storm continues to ferment, other participants in the crypto world are also paying attention to security and transparency issues. Shiba Inu, which originally appeared as a meme coin, is working with DegenSafe.Fun to improve the security of the DeFi investment environment. DegenSafe.Fun aims to create a more reliable meme coin release platform, introduces a "TrustScore" mechanism to evaluate the authenticity of tokens, and integrates automated security features. This move highlights the growing demand for security guarantees in the DeFi ecosystem.

Personal opinion

The ZKasino incident clearly reminds us of the risks hidden in the decentralized financial system. Although innovation and rewards are attractive, it is crucial to be alert and conduct in-depth research before participating in any project. Ildar Ilham's arrest was a positive signal, but it was just the beginning. Crypto communities still need to continue to promote higher transparency and accountability mechanisms to avoid recurring similar tragedies. As for Shiba Inu's new trends, it shows that the project party is constantly evolving to strengthen the security line.

Looking to the future

Justice is late. It is still unclear whether the ZKasino victims can recover funds. However, the arrest sent a clear signal that "pulling the carpet" may bring a brief pleasure, but it will eventually only receive a one-way ticket to the Dutch court. No one is willing to face such an ending, isn’t it?

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