Exclusive investigation: BlockDAG solicited investment from thousands of investors to fund its operations. The project claimed to have raised $442 million, but its CEO says the figure is closer to $200 million. Adam, a 47-year-old Australian investor who asked to remain anonymous, poured nearly $25,000 into the presale through 22 transactions between April 2024 and May 2025. He says he was drawn by flashy sponsorships with international football clubs and high-profile promotions, including an appearance at Las Vegas’s Sphere, and that many investors now fear they were misled as pledges have not materialised.
DL News conducted 13 interviews, reviewed thousands of documents and internal messages, and found that thousands of crypto addresses worldwide participated in the presale with little to show for it. Many investors say they have yet to receive mining equipment, while commitments to list on numerous exchanges were reduced to only a handful and their token allocations were diluted. At least two football clubs pulled out of sponsorship deals after BlockDAG failed to pay for contracts. Liza Van Den Berg, who managed payroll for BlockDAG, said around 24 employees are still owed over $140,000, and a number of workers have not been paid.
Gurhan Kiziloz, the secretive founder of BlockDAG and the man behind Lanistar, originally agreed to an interview but pulled out at the last minute. BlockDAG’s business strategy mirrors several of these patterns. In March 2025, the Financial Services Authority of Seychelles issued a formal warning for unauthorised activity. The High Court of Justice in London ordered Lanistar Limited to liquidate the project in September 2025.
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