According to ZachXBT, the presale has been going on for more than a year and a half, and during this time, the developers of BlockDAG have raised a significant amount—around $376 million. The blockchain detective mentioned that he received numerous requests from users doubting the integrity of BlockDAG and asking him to investigate the activities of this project. ZachXBT fears that enough time has passed for BlockDAG to have caused harm to users.
"I hope you understand that BlockDAG Network is a fake project and an investment scam that has been conducting a presale for over a year and a half, which is allegedly about to end. Investor funds are regularly transferred to various exchange accounts, and fabricated figures are used to increase the fear of missing out (FOMO)," wrote ZachXBT on social media.
The claims of blockchain investigator were made in response to the tweet from the crypto exchange LBank on May 13. The exchange revealed plans to list BlockDAG (BDAG) tokens but did not specify when this would happen. ZachXBT suggested that Lbank might have been paid for posting about the token since the blockchain investigator himself received a commercial proposal from BlockDAG. He shared a screenshot of a correspondence where he was offered USDT stablecoins for promoting the project and pinning the advertisement post for one day.
In March, ZachXBT criticized the crypto exchange Crypto.com for its decision to reissue 70 billion Cronos (CRO) tokens that were destroyed in 2021. According to the blockchain detective, the actions of the exchange will be little different from fraud.