Author: Dingdang, Odaily
In the world of cryptocurrencies, trust is a scarce resource, and scandals often spread faster than innovations. On March 16, well-known crypto KOL He Bi (@hebi 555) exposed on the X platform that Prometheus, the co-founder of the ZKasino project that had previously siphoned off over 10,000 ETH and was once valued at $350 million, is suspected of re-emerging in a new identity and launching a new project @WhiteRock_Fi. He Bi called on industry players to remain vigilant to prevent more investors from falling into potential traps.
This news quickly sparked heated discussions, as the "rug pull" shadow of ZKasino has not yet dissipated.
Review of the ZKasino Rug Pull Incident
ZKasino was once a shining new star in the zkSync ecosystem in 2024, initially positioned as a decentralized gambling entertainment platform, and later transformed into "super-chain" infrastructure, attracting a large number of investors through its "Bridge-to-Earn" activities. However, the plot took an abrupt turn in April: the project team suddenly modified the website rules, 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 angrily denounced by the community as a "soft rug pull". Subsequently, the funds were quickly transferred to the Lido staking platform, and the official communication channels were also closed, leaving investors in complete panic.
After the incident escalated, the 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 "gone into hiding" and has not been held accountable so far.
It is worth noting that ZKasino had once gained the favor of institutions such as MEXC and Big Brain Holdings, with its valuation soaring to $350 million at one point. After the incident, the project team claimed "fund security" and launched the so-called "refund application", but this did not appease the public anger. Investors lost everything, and the community's trust in similar projects plummeted. According to the statistics of Slowmist Security, ZKasino ranked first among the top 10 rug pull incidents in 2024 with a case amount of $33 million, becoming an unhealed scar in the industry.
The Founder: From Tech Star to Controversy Vortex
Although Prometheus' true identity remains a mystery, he is no stranger in the crypto circle. He had participated in the well-known DEX project Zigzag Exchange in the zkSync ecosystem, which raised $15 million, earning him a good reputation. However, the ZKasino incident completely overturned his image.
The Norwegian media Aftenbladet reported that a young man (alias Prometheus) from Rogaland was accused of siphoning off 3.5 billion Norwegian kroner (about $350 million), and the community even offered a bounty to track down his personal information. From a tech star to a wanted controversial figure, Prometheus' downfall is truly lamentable.
WhiteRock: The Allure and Doubts of a Mysterious New Project
Recently, a new project called WhiteRock_Fi has quietly gone online.
Currently, public information about WhiteRock_Fi is extremely limited. According to its website (whiterock.fi), WhiteRock_Fi 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's slogan is quite attractive: "Buy stocks, bonds, and real estate with cryptocurrencies, with assets guaranteed by smart contracts." As a project in the RWA (Real-World Assets) track, WhiteRock_Fi seems to have grasped the industry's trend. However, its lack of a whitepaper and clear team information raises doubts about its real implementation capabilities - after all, the RWA track is closely connected to traditional assets and heavily relies on team resources.
Currently, WhiteRock_Fi's token WHITE has been listed on trading platforms such as Uniswap V2, although the trading volume is limited, the community discussion is heating up, and its X account has already attracted about 32,000 followers.
At this moment, He Bi's exposure has cast a shadow over the project. He 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 endorsement to attract funds, and hidden risks in the code.
He Bi's exposure has sparked widespread discussion, and there are comments under his post saying:
We just finished researching this project, the product is interesting, but the team composition, institutions, and celebrity endorsements are unclear, which is a hidden danger.
I've been trying to find the background of this project, it's very suspicious, the token pool lacks depth, and the claimed collaborations cannot be verified. The total token supply is 65 billion, with 1 billion given to Trump. So I tentatively consider it a scam.
Currently, there is no conclusive evidence that WhiteRock_Fi has already started fundraising and will repeat the "bridge scam" of ZKasino, so it can only be viewed as a potential risk worth paying attention to at this stage. Meanwhile, WhiteRock_Fi's Telegram community has not yet officially responded to the allegations and continues to maintain a mysterious and low-key stance.
ZKasino's Fund Adventure: User Assets Become Bets
The ZKasino incident is far from over due to the "refund promise". Chain data analyst Yu Jing found that ZKasino's multi-signature wallet (suspected to be controlled by the team) had repeatedly used user funds for high-risk operations, such as using the 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 the funding gap or seek additional profits through risky investments. However, this arbitrary disposition of user assets not only exposes the team's integrity crisis but also completely erodes the last shred of trust in the safety of user funds. He Bi's warning may be based on this background, reminding the industry to be vigilant about Prometheus' new moves.
Industry Reflection: How to Rebuild Trust?
From ZKasino to WhiteRock_Fi, Prometheus' story is like a mirror, reflecting the deep-rooted dilemma of the crypto industry: the lack of regulation and transparency allows project teams to take advantage, while investors often only wake up after the loss has occurred. He Bi's exposure is not only a questioning of WhiteRock_Fi but also a wake-up call for the entire ecosystem - in-depth investigation of the team background and fund flow has become a survival law before participating in new projects.
