ZKasino Making a Comeback? New Project WhiteRock Accused of Team's Same Developers "Rebooting"

Original Article Title: "Did the Co-founder Who Absconded with $33 Million from ZKasino Come Back with a New Project?"

Original Article Author: Ding Dang, Odaily Planet Daily

In the world of cryptocurrency, trust is a scarce resource, and scandals often spread faster than innovation. On March 16, renowned crypto KOL Hebi (@hebi555) revealed on Platform X that Prometheus, the co-founder of the ZKasino project, who had previously absconded with over 10,000 ETH worth up to $350 million, has resurfaced under a new identity, launching the new project @WhiteRock_Fi. Hebi called on industry professionals to remain vigilant to prevent more investors from falling into potential pitfalls.

This news quickly sparked discussion, considering that the shadow of ZKasino's "exit scam" has not yet dissipated. So, who exactly is Prometheus? What story lies behind WhiteRock_Fi?

Recap of the ZKasino Exit Scam

ZKasino was once a shining star in the 2024 zkSync ecosystem, initially positioned as a decentralized prediction market entertainment platform, later transforming into a "superchain" infrastructure, attracting a large number of investors through the "Bridge-to-Earn" event. However, the plot took a sudden turn in April: the project team abruptly changed the rules on the official website, announcing that the 10,515 ETH deposited by users (then valued at around $33 million) would be forcibly converted to ZKAS tokens and locked up for 15 months. This move was criticized by the community as a "soft rug pull." Subsequently, the funds were swiftly transferred to the Lido staking platform, and the official communication channels were closed, leaving investors in complete panic.

Following the escalation of the incident, Dutch authorities arrested a 26-year-old man on May 3, suspected to be Elham N. (alias Derivatives Monke), another co-founder of ZKasino, and seized assets worth $12.2 million. However, Prometheus seems to have successfully remained "invisible" and has not been held accountable to this day.

It is worth noting that ZKasino had received favor from institutions such as MEXC and Big Brain Holdings, and its valuation had once soared to $350 million. After the incident, the project team argued for "fund security" and launched a so-called "refund application," but this did not appease public anger. Investors lost everything, and the community's trust in similar projects hit rock bottom. According to the SlowMist Security Firm's statistics, with an amount involved of $33 million, ZKasino topped the list of the top ten exit scams of 2024, leaving an indelible scar on the industry.

Founder: From Tech Star to Controversy Vortex

The true identity of Prometheus remains a mystery to this day, but he is far from unknown in the crypto circle. He was involved in the well-known DEX project Zigzag Exchange in the zkSync ecosystem, which raised a staggering $15 million, earning him a respectable reputation. However, the ZKasino incident completely overturned his image.

Norwegian media Aftenbladet once reported that a young man from Rogaland (alias Prometheus) was accused of absconding with 350 million Norwegian krone (about $35 million), and the community even offered a reward to trace his personal information. From a tech star to a wanted controversial figure, Prometheus's fall from grace is truly lamentable.

WhiteRock: The Temptation and Suspicion of a Mysterious New Project

Recently, a new project named WhiteRock_Fi quietly went live.

Information about WhiteRock_Fi is currently extremely limited. According to its website (whiterock.fi) introduction, WhiteRock_Fi aims to tokenize traditional financial assets (such as stocks, bonds, and real estate) through blockchain technology, promising to "unlock global liquidity, democratize financial participation." The project slogan is quite attractive: "Buy stocks, bonds, and real estate with cryptocurrency, assets secured by smart contracts." As a project in the RWA (Real World Asset) track, WhiteRock_Fi seems to have caught the industry's wave. However, its lack of a whitepaper and clear team information raises doubts about its actual implementation capabilities—after all, the RWA track connects to traditional assets and heavily relies on team resources.

Currently, WhiteRock_Fi's token WHITE has been traded on platforms like Uniswap V2, with limited trading volume, but community discussions are heating up, and its Telegram account has attracted approximately 32,000 followers.

At this moment, HeCoin's exposure casts a shadow over the project. HeCoin pointed out that Prometheus is suspected of operating WhiteRock_Fi under a new identity, and its modus operandi is strikingly similar to ZKasino: high-profile marketing tactics, KOL endorsements to attract funds, and hidden risks in the codebase.

HeCoin's exposure has sparked widespread discussion, with comments below his post stating:

"We've just researched this project, the product is interesting, but the team composition, institution, celebrity endorsements are unclear, which is a risk factor."

「I have been looking into the background of this project, very suspicious. The token pool has no depth, the claimed partnerships cannot be verified. The total token supply is 650 billion, with 10 billion sent to Trump. So, it is tentatively classified as a scam.」

Currently, there is no concrete evidence to suggest that WhiteRock_Fi has started fundraising to replicate the "bridge scam" of ZKasino. Therefore, at this stage, it can only be seen as a potential risk point worth paying attention to. At the same time, WhiteRock_Fi's Telegram community has not yet formally responded to the accusations, maintaining a mysterious low profile.

ZKasino's Fund Adventure: User Assets at Stake

The ZKasino incident is far from over with the "refund promise." On-chain data analyst Yu Jin discovered that ZKasino's multi-signature wallet (presumably controlled by the team) has repeatedly used user funds for high-risk operations, such as using funds as collateral to borrow other assets and participate in market speculation. The community speculates that this may be the team's attempt to make up for funding shortfalls or seek additional profits through adventurous investments.

However, this arbitrary use of user assets not only exposes the team's integrity crisis but also shatters investors' last bit of trust in the security of their funds. The warning from HECoin may be based on this background, perhaps serving as a reminder to the industry to beware of Prometheus' new actions.

Industry Reflection: How to Rebuild Trust?

From ZKasino to WhiteRock_Fi, Prometheus' story is like a mirror, reflecting the deep-seated dilemma of the crypto industry: a lack of regulation and transparency allows project teams to take advantage, and investors often only wake up after losses occur. HECoin's exposé is not just a question of WhiteRock_Fi but also a warning bell for the entire ecosystem—before participating in a new project, in-depth investigation of the team's background and fund flow has become a survival rule.

Original Article Link