The Trust Game Under the Veil of Encryption: The Aftermath of ZKasino and the New Puzzle of WhiteRock_Fi

Author: Dingdang, Odaily Planet Daily

In the world of cryptocurrency, trust is a scarce resource, and scandals often spread faster than innovations. On March 16, well-known crypto KOL Hebi (@hebi 555) revealed on the X platform that Prometheus, the co-founder of the ZKasino project, which previously absconded with over 10,000 ETH and was valued at up to $350 million, is suspected of re-emerging under a new identity with a new project, @WhiteRock_Fi. Hebi urged industry professionals to remain vigilant to prevent more investors from falling into potential traps.

This news quickly sparked heated discussions, as the shadow of ZKasino's "exit" has yet to dissipate. So, who exactly is Prometheus? What story lies behind WhiteRock_Fi?

Review of the ZKasino Exit Incident

ZKasino was once a shining star in the zkSync ecosystem in 2024, initially positioned as a decentralized betting platform, later transforming into a "super chain" infrastructure, attracting a large number of investors with its "Bridge-to-Earn" campaign. 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 (worth about $33 million at the time) deposited by users would be forcibly converted into ZKAS tokens and locked for 15 months. This move was condemned by the community as a "soft rug pull." Subsequently, the funds were quickly transferred to the Lido staking platform, and official communication channels were shut down, leaving investors in complete panic.

After the incident escalated, 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 "vanished," and has yet to be held accountable.

It is worth noting that ZKasino had once garnered favor from institutions such as MEXC and Big Brain Holdings, with its valuation soaring to $350 million. After the incident, the project team claimed "fund safety" and launched a so-called "refund application," but this did not quell the public outrage. Investors lost everything, and trust in similar projects plummeted. According to statistics from SlowMist Security, ZKasino ranks first among the top ten exit incidents of 2024 with a case amount of $33 million, becoming a scar that the industry cannot heal.

Founder: From Tech Star to Controversial Figure

Although Prometheus's true identity remains a mystery, he is far from unknown in the crypto circle. He was involved in the well-known DEX project Zigzag Exchange within the zkSync ecosystem, which raised as much as $15 million, earning him a solid reputation. However, the ZKasino incident completely overturned his image.

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

WhiteRock: The Temptation and Doubts of a Mysterious New Project

Recently, a new project called WhiteRock_Fi quietly launched.

Currently, there is very limited public information about WhiteRockFi. According to its official website (whiterock.fi), WhiteRockFi aims to tokenize traditional financial assets (such as stocks, bonds, and real estate) through blockchain technology, promising to "unlock global liquidity and democratize financial participation." The project slogan is quite appealing: "Buy stocks, bonds, and real estate with cryptocurrency, secured by smart contracts." As a project in the RWA (Real World Assets) sector, WhiteRock_Fi seems to have seized the industry's trend. However, its lack of a white paper and clear team information raises doubts about its real-world implementation capabilities—after all, the RWA sector connects traditional assets and heavily relies on team resources.

Currently, WhiteRock_Fi's token WHITE has been listed on platforms like Uniswap V2, and although trading volume is limited, community discussions are heating up, with its X account attracting about 32,000 followers.

At this moment, Hebi's revelation casts a shadow over the project. He pointed out that Prometheus is suspected of operating WhiteRock_Fi under a new identity, and its operational model is alarmingly similar to ZKasino: high-profile marketing tactics, KOL endorsements to attract funds, and hidden risks in the code.

Hebi's revelation has sparked widespread discussion, with comments under his post stating:

We just finished researching this project; the product is interesting, but the team composition, institutions, and celebrity endorsements are unclear, which is a risk. I've been looking for the background of this project; it's very suspicious. The token pool lacks depth, and the claimed partnerships cannot be verified. The total token supply is 65 billion, with 1 billion allocated to Trump. So it's tentatively classified as a scam.

Currently, there is no solid evidence to suggest that WhiteRockFi has begun fundraising that would repeat ZKasino's "bridge scam," so at this stage, it can only be regarded as a potential risk point worth monitoring. Meanwhile, WhiteRockFi's Telegram community has yet to respond formally to the allegations, maintaining its mysterious low profile.

ZKasino's Financial Adventures: User Assets as Bets

The ZKasino incident is far from over due to the "refund promise." On-chain data analyst Yu Jin discovered that ZKasino's multi-signature wallet (suspected to be team-controlled) had repeatedly used user funds for high-risk operations, such as using funds as collateral to borrow other assets and participating in market speculation. The community speculates that this may be the team's attempt to cover funding gaps or seek additional profits through risky investments. However, this reckless disposition of user assets not only exposes the team's crisis of integrity but also leaves investors with no remaining trust in the safety of their funds. Hebi's warning may well be based on this context, reminding the industry to be wary of Prometheus's new moves.

Industry Reflection: How to Rebuild Trust?

From ZKasino to WhiteRockFi, Prometheus's story serves as a mirror reflecting the deep-seated dilemmas in the crypto industry: the lack of regulation and transparency allows project teams to exploit opportunities, while investors often only realize the truth after suffering losses. Hebi's revelation is not only a question of WhiteRockFi but also a wake-up call for the entire ecosystem—before participating in new projects, conducting thorough investigations into team backgrounds and funding flows has become a survival rule.