BlockDAG’s $433M Presale Under Scrutiny After Allegations of Hidden Leadership

BlockDAG, a blockchain project aiming to merge Directed Acyclic Graph (DAG) technology with Proof-of-Work mining, is facing intense scrutiny as its $433 million presale comes under investigation. Renowned on-chain investigator ZachXBT has alleged that the project’s founder may not be its publicly declared CEO, Antony Turner, but rather Gurhan Kiziloz, an entrepreneur previously associated with controversial fintech and crypto projects, according to CryptoNews.

The Allegations

ZachXBT’s investigation suggests that Antony Turner is a mere figurehead, while Kiziloz orchestrates operations behind the scenes, allegedly transferring millions in presale funds through Middle Eastern OTC brokers. This claim follows a promotional message from BlockDAG’s official account heralding a new era for the project. Turner had promised “scarcity, fairness, and real value,” urging investors to finalize purchases before a significant shift.

Presale Delays and Investor Concerns

Originally set to conclude in June 2025, BlockDAG’s presale has been repeatedly postponed, with no clear end in sight. Despite raising significant capital since early 2024, the project has yet to deliver a mainnet or secure exchange listings. Critics argue that this prolonged presale could be a tactic to maintain interest and attract new investors while avoiding a public launch.

Additionally, marketing strategies have raised eyebrows. A July announcement declared the presale would end on August 11, with tokens priced at $0.0016. However, months later, the presale continues, and tokens are reportedly sold at lower prices, fueling skepticism about the project’s intentions.

Audit Gaps and User Complaints

BlockDAG claims to be operated by DAG Systems Ltd., based in Seychelles, with audits conducted by Halborn and CertiK. However, these reviews reportedly focused only on vesting contracts, not the mainnet. The project’s ambitious goals include 10,000 transactions per second and an EVM-compatible launchpad, yet no verifiable progress has been made.

Trustpilot reviews reveal growing distrust, with numerous complaints about launch delays and inconsistent communication. These issues, coupled with the ongoing presale, have led to accusations of BlockDAG functioning more as a high-yield investment scheme than a legitimate blockchain initiative.

Gurhan Kiziloz’s Controversial Past

The alleged involvement of Gurhan Kiziloz compounds BlockDAG’s challenges. Kiziloz, who previously founded the fintech startup Lanistar, faced a regulatory warning from the UK Financial Conduct Authority in 2020. Although the warning was retracted, Lanistar continued to battle allegations of mismanagement and unpaid wages.

Kiziloz was also linked to the Big Eyes Coin project, a meme token that collapsed after raising over $40 million, leaving investors feeling misled. His ventures in crypto and fintech have often been surrounded by controversy, raising questions about investor protection.

As BlockDAG continues its “Value Era” marketing campaign, ZachXBT’s revelations have cast doubt on the project’s leadership and the integrity of its presale, prompting calls for further investigation.

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