ZachXBT has branded BlockDAG a scam, accusing the project of fabricating its recent claim of a $375 million presale. He raised this alert amid the surge of interest from the crypto community.
While no definitive proof was presented, he highlighted several pieces of circumstantial evidence. For now, it might be wise to hold off until additional information emerges.
Could BlockDAG Be A Scam?
In recent months, BlockDAG—a Layer-1 blockchain focusing on scalability solutions and crypto mining—has become a favored choice among investors. Its technical promises and sponsorship agreements have helped it gain significant attention. Just yesterday, the project announced that its token presale surpassed $375 million, reflecting strong community engagement.
However, crypto investigator ZachXBT has sounded the alarm, calling BlockDAG a scam:
This is a significant claim, especially coming from a respected figure in the crypto space. ZachXBT argues that BlockDAG is a scam token project, asserting that the reported $375 million presale is entirely fabricated. Industry analysts anticipated the ICO and mainnet launch in Q1 of this year, yet by Q3, there has been no meaningful progress.
Suspicious Progress Announcements
Most of the evidence ZachXBT presented remains circumstantial. Notably, LBank, a major centralized exchange, recently announced plans to list the token. Observing the considerable social media hype surrounding BlockDAG, ZachXBT felt compelled to call out the project as a potential scam.
He also revealed that BlockDAG had offered him payment for promotion, suggesting that the LBank listing news might have involved a similar arrangement.
It’s important to note, however, that the evidence is largely circumstantial. LBank consistently leverages social media trends in its strategy, believing community buzz to be a strong market signal. By that measure, BlockDAG enjoys genuine popularity, making it a logical candidate for listing.
Still, there are other red flags that feed into the BlockDAG scam narrative. For instance, LBank’s BDAG ICO announcement is oddly inconsistent: it states the event has ended, omits several crucial figures, and claims the ICO raised $600 million—substantially more than the presale figure publicized.
This leaves the situation ambiguous. Yet, considering ZachXBT’s strong standing in the crypto community and the weight his insights carry, it may be prudent for investors to pause and await further clarification before deepening their involvement with BlockDAG.
