BlockDAG’s $433M Presale in Crisis After ZachXBT Links Founder to Past Scams | Invesloan.com

The $433 million presale of blockchain project BlockDAG may be facing a major credibility crisis after on-chain investigator ZachXBT alleged that the person behind the project might not be its publicly presented CEO and could have ties to previous crypto controversies.

The dispute began earlier this week when BlockDAG’s official X account posted a promotional message titled “The VALUE ERA Starts Tomorrow — A Message From Our CEO, Antony Turner.”

In the post, Turner declared the beginning of a new phase for the project, promising “scarcity, fairness, and real value” while revealing that all presale bonuses would end, final tokenomics would be published, and an official presale end date would be announced.

He urged investors to make “final purchases” before what he described as “the moment everything shifts.”

Shortly after the announcement, ZachXBT, known for exposing crypto scams and fraudulent ventures, responded publicly.

A $430M Presale and an Alleged Hidden Founder — What’s Really Going On at BlockDAG?

ZachXBT claimed that BlockDAG’s supposed CEO was merely a paid frontman for Gurhan Kiziloz, a British entrepreneur previously linked to failed fintech and crypto ventures. “Stop your lies,” Zach wrote.

“The grifter Gurhan Kiziloz is the real co-founder secretly behind BlockDAG, paying people like Antony Turner to be the face while transferring millions in presale funds from retail investors via Middle Eastern OTC brokers.”

ZachXBT later added that BlockDAG blocked him on X and deleted his replies, stating, “Update: BlockDAG Network blocked me and hid my reply naming the actual founder.”

When asked for evidence, he cited offshore entity documents and claimed that the name “Gurhan Kiziloz” was banned in BlockDAG’s Telegram group, where any mention allegedly results in automatic deletion or user restriction.

The allegations come as questions surrounding BlockDAG’s legitimacy intensify. The project, which claims to merge Directed Acyclic Graph (DAG) technology with Proof-of-Work mining for higher scalability, has drawn attention for its unusually long-running presale.

Initially scheduled to end in June, then delayed to August, the token launch is now postponed indefinitely.

Despite claiming to have raised more than $430 million since early 2024, the project has yet to deliver a mainnet or confirm any exchange listings.

Concerns about misleading marketing have also surfaced. In July, BlockDAG announced that its presale would end on August 11 at a token price of $0.0016, calling it the “last chance” for buyers.

However, months later, tokens are still being sold at lower prices, and the presale continues.

Critics suggest this could be a deliberate tactic to sustain hype and attract new investors while avoiding a public launch.

Audit Gaps, Presale Delays, and User Complaints Cast Shadow on BlockDAG’s Operations

BlockDAG’s official materials state that the project is operated by DAG Systems Ltd., registered in Seychelles. The team is led by Antony Turner, a fintech entrepreneur, along with CTO Jeremy Harkness and security expert Dr. Youssef Khaoulaj.

The company’s website claims that the project has been audited by Halborn and CertiK, though both firms reportedly reviewed only the vesting contracts and not the mainnet itself.

The project’s whitepaper outlines ambitious technical goals, including 10,000 transactions per second and an EVM-compatible launchpad for decentralized applications.

It also details its token allocation: 50% to miners, 33.3% to presale participants, and just 1% to the team. The team has promoted a “road to Binance listing,” but no official exchange partnerships have been confirmed.

Trustpilot reviews reflect growing skepticism, with nearly 60% of users rating the project negatively. Several users have complained about repeated launch delays and inconsistent communication from the team.

The absence of verifiable progress reports, combined with the ongoing presale, has amplified fears that BlockDAG could be operating more like a high-yield investment scheme than a legitimate blockchain initiative.

Gurhan Kiziloz’s Troubled History in Fintech and Crypto

The controversy surrounding Gurhan Kiziloz further complicates BlockDAG’s image. Kiziloz, a self-described tech entrepreneur, previously founded fintech startup Lanistar, which faced a regulatory warning from the UK Financial Conduct Authority (FCA) in 2020 for operating without authorization.

The FCA warning was later retracted, but the company continued to face allegations of mismanagement, unpaid wages, fake reviews, and toxic workplace culture.

Kiziloz was also involved in the cryptocurrency project Big Eyes Coin, a meme token that raised over $40 million in 2023 before collapsing shortly after launch.

Investors accused the team of misleading marketing, lack of transparency, and failing to deliver purchased tokens.

Beyond fintech, Kiziloz heads Nexus International Holdings, which runs the crypto-integrated online casino brand Spartans(.)com and operates gaming platforms such as Megaposta.

While these ventures have generated significant revenue, his history in both crypto and fintech has drawn scrutiny due to repeated controversies and questions about investor protection.

As of mid-October, BlockDAG continues to promote its “Value Era” marketing campaign, insisting that it is entering a new phase of development.

However, the timing of ZachXBT’s revelations has cast serious doubt over the project’s leadership and the integrity of its presale.

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