On-chain detective ZachXBT blasts BlockDAG: 1.5 years of prolonged pre-sale raising hundreds of millions, suspected of fund transfer and data falsification.

The crypto assets project BlockDAG, which claims to combine Blockchain and directed acyclic graph (DAG) technology, has fallen into huge controversy. Notable on-chain detective ZachXBT publicly accused the project of conducting a presale for over 1.5 years, raising an estimated $214 million to $376 million, and frequently transferring funds to exchanges, fabricating marketing data to induce retail investor fear of missing out (FOMO), among other behaviors. The project has also been criticized for its sparse GitHub activity, alleged plagiarism of the White Paper from Kaspa, and a proliferation of counterfeit scam websites, raising community concerns about the project's authenticity and Rug Pull risk.

ZachXBT Public Accusation: Long Pre-sale Period Hides Risks

ZachXBT, a well-known investigator in the crypto assets field, recently launched severe accusations against the BlockDAG project. He stated that he decided to speak out and expose the project after receiving numerous requests from community members to investigate it. ZachXBT's main concern lies in the pre-sale model of BlockDAG:

• The pre-sale period has been unusually long: it has lasted for over 1.5 years and claims to be "ending soon," but the actual end date is vague.
• Fundraising scale in doubt: Different sources show that the fundraising amount is between 214 million and 376 million USD, with the specific amount unclear.
• Suspicious capital flow: Accusations that the project party regularly transfers investors' funds to various exchange accounts.
• Marketing data fraud: Refers to the act of fabricating false data (such as exaggerating fundraising amounts and brand partnerships) to create market fear of missing out (FOMO) and attract retail investors.

Exchange Cooperation Controversy: Allegations of Paid Listing Emerge

The accusations from ZachXBT are in response to a tweet from a certain exchange announcing plans to launch the BlockDAG token (BDAG) on May 13. He hinted that their decision to list the coin might be related to conflicts of interest and shared a chat screenshot as evidence, where the BlockDAG project team offered him USDT rewards via private message for pinning a promotional post for one day. The exchange did not specify the listing date, and this ambiguity is seen as a reflection of the overall lack of transparency of the project.

Project raises numerous questions: multiple red flags are lit up

Apart from the presale issues, the BlockDAG project itself has several concerning signs:

1. Technical progress is in doubt:

• Rare GitHub activity: Although it claims to be the "next Layer-1 giant," its GitHub repository has very little activity and is nearly empty, making it difficult to track real infrastructure progress.
• Suspected plagiarism of the White Paper: Some content of its White Paper is said to be highly similar to the Kaspa project, raising doubts about the lack of true innovation.

2. Security Risk Spillover:

• Surge in counterfeit scam websites: Security analysts warn of a large number of scam pre-sale websites impersonating BlockDAG, and users connecting their wallets may lead to asset theft, with X users already reporting being deceived.

3. Withdrawal rule exception: Reddit users pointed out that the project team requires users to pay "fees" or "taxes" when making withdrawals, a practice widely regarded by the community as a further scheme to extract funds.

Supporter Argument: The "compliance" elements presented by the project team

Proponents of the project point out that BlockDAG has displayed some seemingly compliant elements, including:

• Allegedly audited report
• There is a Testnet
• Showed the prototype of the hardware device Supporters believe these are a reflection of the project's seriousness.

Core Contradiction: Lack of Transparency Leads to Trust Crisis

However, the core issue of the current project lies in the lack of key information and transparency:

• Lack of on-chain fundraising proof: Large-scale fundraising has not been publicly verifiable on-chain.
• The token is not actually launched: Although exchanges have announced intentions, the BDAG token has not officially traded on any major exchange.
• No available code: GitHub lacks reusable or actively developed code repositories. These factors combined have led investors to generally adopt a highly cautious attitude.

Conclusion

The BlockDAG project is deeply mired in a trust storm triggered by the well-known on-chain detective ZachXBT, with its excessively long pre-sale period, huge ambiguous fundraising, and suspicious fund flows becoming the focal points of controversy. Although the project team has showcased compliance elements such as audit reports and testnets, the silence on GitHub, doubts surrounding the white paper, the proliferation of scam websites, and most critically, the lack of on-chain transparency have made the claims of becoming the "next Layer-1 giant" seem weak. Investors urgently need the project team to provide transparent, verifiable responses regarding fund usage, technological originality, and listing plans. Until the token is actually circulating, the code is open source, or independent third-party verification is available, the community's legitimate doubts about the BlockDAG and concerns over rug pull risks are likely to intensify. This case once again highlights the extreme importance of due diligence (DYOR) and on-chain transparency verification in the field of crypto assets.