On-chain investigator ZachXBT says at least about $25 million in presale funds tied to BlockDAG Network and ZKP appear to have been mixed together and routed toward influencer promotions and gambling-related marketing linked to Gurhan Kiziloz.
ZachXBT has accused the operators behind BlockDAG Network and ZKP of pooling presale funds and redirecting part of that money into promotional payments for influencers, streamers and gambling-related marketing instead of limiting it to the purposes investors were led to expect.
In his post, he says on-chain tracing shows signs that at least about $25 million from the two presales was used interchangeably across multiple wallets before being bridged, sent to exchanges and then routed onward to addresses associated with promotional payouts for Spartans and related entities tied to Gurhan Kiziloz.
The allegation matters because the core claim is not merely sloppy treasury management but undisclosed reuse of investor money across separate ventures. According to RootData, ZachXBT had already alleged that Kiziloz was the real force behind BlockDAG and that the project’s public-facing leadership functioned more as nominal cover than actual control.
Fund flows under scrutiny
The new claim builds on months of scrutiny around BlockDAG’s unusually long-running presale and opaque cash movements. In an earlier public warning on X, ZachXBT said the token sale had run for more than two years while presale funds were being off-ramped through Middle Eastern OTC desks as Kiziloz spent heavily elsewhere.
Other outlets have echoed parts of that broader picture. CryptoRank reported in October 2025 that ZachXBT alleged Gurhan Kiziloz was the real co-founder behind BlockDAG and that millions in presale money were funneled through OTC brokers, while CryptoPotato later summarized allegations that BlockDAG had taken in more than $300 million from retail investors using aggressive promotional tactics and unrealistic return claims.
What is newly significant here is the allegation that ZKP was not separate in financial practice even if it was separate in fundraising language. ZachXBT says the presale materials for both BlockDAG and ZKP did not disclose that the funds could be used to support other businesses, and he argues the wallet behavior suggests exactly that.
Spartans and investor warnings
ZachXBT also identified specific addresses, including what he describes as the Spartans KOL payment wallet and the BlockDAG / ZKP presale wallet cluster, as part of the flow of funds he traced through the system. His conclusion is blunt: investors should stay away from BlockDAG, ZKP and Spartans.
That warning fits a broader pattern in his prior reporting. Binance Square summarized earlier allegations that Kiziloz was behind both Spartans and BlockDAG and that more than $300 million had been raised from retail investors through social-media-heavy promotion and misleading partnership claims.
Retail frustration is also not theoretical. Complaints in public communities such as Reddit and Facebook groups have continued to focus on withdrawal delays, unclear fund use and skepticism over whether the money raised was ever segregated in the first place.
The central problem is obvious enough: if separate presales were marketed as distinct opportunities but the cash was pooled and then used to pay external promoters for a gambling ecosystem, that is not clever treasury management. It is the kind of conduct that makes every “community-driven” presale look like a transfer mechanism from retail wallets into a private marketing machine.