Key Highlights
- ZachXBT alleged that around $25 million from BlockDAG and ZKP presales was diverted to promote Spartans.com.
- The funds reportedly moved through Ethereum and Tron wallets, exchanges HTX and BTSE, and KOL payment addresses.
- BlockDAG, ZKP, and Spartans have not publicly responded to the allegations.
ZachXBT, an on-chain investigator, has shared a detailed forensic report alleging that approximately $25 million in presale funds from BlockDAG Network and ZKP were commingled and used to promote Gurhan Kiziloz-linked casino project Spartans.com.
According to a message posted on Telegram, ZachXBT said the funds originated from BlockDAG’s presale address and ZKP’s presale wallet and were routed through consolidation addresses before being bridged from Ethereum to Tron.
The funds were then allegedly moved through HTX and BTSE before reaching wallets associated with Spartans and a dedicated KOL payment address, TRa9KjECpmmBBr1GKTwEWmskdiEKyLnf3C on Tron and 0xb8e55a329536f3e981c63567b7b1156533d1855a on Ethereum.
ZachXBT said neither BlockDAG nor ZKP disclosed in their presale materials that investor funds could be used to promote a separate casino venture. The report raised concerns about transparency and the handling of investor capital.
Projects have yet to respond
ZachXBT said that after he requested clarification on X, the Spartans team blocked his account rather than addressing the allegations.
At the time of this writing, BlockDAG, ZKP, and Spartans have not provided an official rebuttal concerning the wallet trails pointed out by ZachXBT.
In a previous investigation, ZachXBT alleged that Kiziloz had longstanding ties to BlockDAG. The project reportedly raised more than $300 million from retail investors, primarily through aggressive online marketing.
The token sale by the BlockDAG platform has reportedly gone on for over two years now, but some of the proceeds were withdrawn through Middle Eastern OTC desks.
In October 2025, the investigator revealed the identities of BlockDAG’s management and identified them merely as figureheads for the project, identifying Gurhan Kiziloz as a secret co-founder of BlockDAG. However, Kiziloz apparently admitted his role in the venture.
Crackdown on market manipulation
In a separate development, ZachXBT recently announced a reward of up to $10,000 in search of credible information on Heisenberg Guru, or HSBG, a market maker based in Hong Kong.
HSBG has been receiving considerable scrutiny because of its alleged involvement in market manipulation by means of a centralized exchange, or CEX. The $RIVER token has been identified as one of its victims. Allegations against HSBG involve its participation in unusual coordinated trades that could have influenced the price of tokens in major exchanges.
Investors advised to stay cautious
This case shows the difficulties associated with the crypto presale market, where enormous amounts of money could be collected without any regulatory controls. It is worth noting that investors should be extremely careful and always check out what a project does with the collected money.
While the claims remain unproven unless independently verified or addressed by the parties involved, the report has intensified scrutiny over how investor funds are used in the crypto sector.
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