On-chain sleuth ZachXBT says roughly $25 million in presale proceeds tied to BlockDAG Network and a project called ZKP were allegedly commingled and funneled into influencer promotions and gambling-related marketing linked to entrepreneur Gurhan Kiziloz.
According to ZachXBT’s thread, on-chain tracing shows funds from the two separate presales being mixed across multiple wallets, bridged, sent to exchanges, and ultimately routed to addresses connected with promotional payouts for Spartans and other entities tied to Kiziloz. The investigator contends the flow of funds is inconsistent with how investors were told their contributions would be used and identifies specific wallet clusters — including what he describes as a Spartans KOL payment wallet and the BlockDAG/ZKP presale wallet cluster — in his analysis.
The allegation matters because it goes beyond sloppy bookkeeping. ZachXBT argues this is undisclosed reuse of investor money across ostensibly separate ventures: presale materials for BlockDAG and ZKP, he says, did not disclose that funds could be used to support other businesses, yet the wallet behavior suggests they were. His blunt takeaway: investors should steer clear of BlockDAG, ZKP and Spartans.
This latest claim builds on months of scrutiny. ZachXBT previously flagged BlockDAG’s unusually long presale — which he said ran for more than two years — while presale funds were being off‑ramped through Middle Eastern OTC desks and Kiziloz allegedly spent heavily elsewhere. Other outlets have reported similar concerns: CryptoRank covered earlier allegations that Kiziloz was a real co‑founder behind BlockDAG and that millions were funneled through OTC brokers, and CryptoPotato summarized claims that BlockDAG attracted over $300 million from retail investors through aggressive promotions and optimistic return pitches.
RootData and others have also alleged that BlockDAG’s public leadership may have been nominal and that Kiziloz was the operational force behind the project. Binance Square summarized prior reporting that tied Kiziloz to both Spartans and BlockDAG and repeated the broader allegation that substantial sums were raised via social-media-driven marketing and misleading partnership claims.
Retail frustration has been visible in community channels too. Reddit and Facebook threads reportedly complain about withdrawal delays, opaque fund use, and doubts over whether investor money was ever segregated as promised. If separate presales were indeed marketed as distinct opportunities but cash was pooled and redirected to external promoters for a gambling ecosystem, critics say that transforms a “community-driven” presale into a mechanism for shifting retail funds into private marketing.
ZachXBT’s on-chain work highlights the mechanics he believes underpin that claim: mixing across wallets, bridging, exchange deposits, and payments to influencer and gambling‑linked addresses. While these traces do not constitute a legal finding, they have intensified calls for transparency from BlockDAG, ZKP and associated teams — and renewed demands that investors exercise caution.
No formal response from BlockDAG, ZKP or Gurhan Kiziloz was included in ZachXBT’s thread; the story remains an evolving on‑chain investigation that market participants and regulators may watch closely.
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