Just hours before BlockDAG, a heavily marketed crypto project boasting nearly $420 million raised in its presale, was set to unveil its “Value Era” with major tokenomics announcements, its carefully crafted image has been shattered by explosive allegations from renowned on-chain investigator ZachXBT.
In a direct public accusation, ZachXBT has labeled the project an elaborate scam, alleging the use of paid actors and the siphoning of millions in presale funds by a hidden co-founder.
The controversy erupted following a promotional X post from BlockDAG’s official account on Tuesday, hyping the end of its bonus structures and the imminent reveal of its final tokenomics and presale end date. The post, filled with grandiose language about conquering “eras” and entering a phase of “Real value. True market power,” urged potential investors with the message: “Today is your final chance to lock in the BEST DEAL in BlockDAG history.”
However, this marketing push was swiftly met with a stark warning from ZachXBT. Replying directly to BlockDAG, the investigator alleged, “Stop your lies the grifter Gurhan Kiziloz is the real co-founder secretly behind Blockdag who pays people like Antony Turner to be the face of it while transferring away millions in presale funds from unsophisticated retail investors via Middle Eastern OTC brokers.”
ZachXBT further added, “Onchain shows they received low 9 figs somehow,” suggesting that on-chain data indicates the project has indeed raised a significant sum, but implying the funds are being misappropriated. Antony Turner is the publicly presented CEO of BlockDAG.
Deconstructing the allegations
ZachXBT’s accusations are incredibly serious and strike at the heart of the project’s legitimacy. They paint a picture not of an innovative tech venture, but of a sophisticated deception operation employing common tactics seen in high-risk presale schemes:
- Hidden Founders & Paid Actors: The claim that the public-facing CEO is merely a paid actor (“the face”) while a different, potentially less reputable individual (“the grifter Gurhan Kiziloz”) secretly controls the operation is a massive red flag. Legitimate projects typically have transparent, verifiable teams.
- Siphoning of Funds: The allegation that millions are being transferred away via OTC brokers suggests a deliberate effort to obscure the flow of capital raised from retail investors, potentially for personal enrichment rather than project development.
- Targeting “Unsophisticated Retail”: This points to a marketing strategy focused on hype and FOMO (Fear Of Missing Out), rather than on presenting a clear, technically sound value proposition to informed investors. BlockDAG’s own X post, with its urgent “final chance” language, aligns with this pattern.
The persistent danger of presale hype
ZachXBT’s warning comes at a critical time. The crypto market, particularly during periods of bullish sentiment, is often flooded with new projects launching token presales. These sales promise early investors the chance to “get in on the ground floor” at low prices before a token listing on major exchanges, often accompanied by projections of massive returns (10x, 100x, or more).
While some presales are for legitimate projects, the sector is notoriously rife with scams.
The sheer scale of the presale market makes it a fertile ground for fraud. According to the 2025 Mid-Year Crypto Crime Report by Chainalysis, losses attributed specifically to “rug pulls”—where developers abandon a project after raising funds, often via a presale—have already surpassed $2.17 billion this year alone. This figure highlights the pervasive nature of these scams, which prey on investor FOMO and often utilize sophisticated marketing tactics to create an illusion of legitimacy before disappearing with the capital.
Common tactics include:
- Aggressive Marketing: Using paid influencers, misleading advertisements, and creating fake community engagement.
- Vague Promises: Offering complex roadmaps filled with buzzwords (like AI, RWA, Layer 2) but lacking concrete, verifiable technical details or prototypes.
- Anonymous Teams: Hiding the identities of the core team, making accountability impossible.
- The “Rug Pull”: Developers disappearing with the funds after the presale ends, leaving investors with worthless tokens.
ZachXBT, who has built a reputation for meticulously tracking stolen funds and exposing fraudulent schemes using on-chain data, carries significant weight in the community. His public accusation against a project that has raised a claimed nine-figure sum serves as a powerful and urgent warning.
Earlier this month, Zach also unmasked the Bittensor hacker, who stole over $28 million from the project.
A critical moment demanding extreme caution
As BlockDAG prepares for its major announcements, it now does so under a heavy cloud of suspicion cast by one of the industry’s most respected investigators. While ZachXBT’s allegations require further investigation and confirmation, they highlight numerous red flags consistent with high-risk presale schemes.
For potential investors, this situation underscores the absolute necessity of extreme skepticism and deep due diligence that goes far beyond a project’s own marketing materials. Verifying team identities, scrutinizing on-chain fund movements, and seeking independent technical reviews are critical steps before committing capital to any presale. In a market driven by hype, the adage remains truer than ever: if it looks too good to be true, it almost certainly is. The “Value Era” promised by BlockDAG may arrive tomorrow, but the era of investor vigilance must start today.
