BlockDAG Evidence File: The 54-Page Document They Don't Want You to See
Here's what separates a legitimate crypto project from a sophisticated extraction scheme: documentation.
IMPORTANT: WE WILL ONLY DELETE THIS IF YOU DELIVER ON TOMORROWS AMA!
This isn't speculation. This isn't ...
BlockDAG Evidence File: The 54-Page Document They Don't Want You to See
Here's what separates a legitimate crypto project from a sophisticated extraction scheme: documentation.
IMPORTANT: WE WILL ONLY DELETE THIS IF YOU DELIVER ON TOMORROWS AMA!
This isn't speculation. This isn't FUD. This is 54 pages of screenshots, transaction records, communications, and timeline analysis that nobody at BlockDAG can explain away.
The breadcrumb trail started simple: why do the sales numbers never add up? Then it got interesting. Why can't anyone mention certain names without instant deletion? Then it got damning. Why does the CEO lack control over company funds?
What's inside:
False presale performance numbers proving either revenue or token counts are fabricated. Misleading $0.05 listing price claims designed to inflate perceived value. Evidence of financial mismanagement including failed sponsorship payments to Borussia Dortmund and Inter Milan. Documentation of aggressive FOMO tactics violating consumer protection laws across multiple jurisdictions. Proof of competitions promising $5M+ in prizes with suspicious winner verification. Mining hardware delivery claims contradicted by their own communications.
Every fake countdown timer. Every broken promise. Every regulatory violation. Every manipulation tactic from the penny stock playbook applied to blockchain.
Why this matters:
Teachers invested summer earnings. Retirees bet their savings. Parents put aside education funds. They believed the technology was real and the team was honest. The technology might be real. The honesty demonstrably isn't.
This evidence file represents months of community investigation across multiple countries. It's organized by violation type, cross-referenced with dates, and formatted for regulatory submission. Legal teams in the US, UK, and EU already have copies.
If you're invested in BlockDAG, this document explains why your instincts were right when something felt off.
If you're considering investing, this document might save you from losing everything.
If you're a regulator, this document provides a roadmap for investigation.
The October 30 deadline approaches. This evidence doesn't negotiate. It just exists. Undeniable. Documented. Ready.
Size: 5.91 MB
Language: en
Added: Oct 13, 2025
Slides: 54 pages
Slide Content
Evidence
BlockDAG Fraud, Deception, and Criminal Acts
1. DECEPTIVE OR FALSE PRESALE PERFORMANCE NUMBERS
COMMENTARY
The community are convinced that the sales numbers that are being published are false. Total
amount raise (approx. $410m), or the total BDAG coins sold (26bn) are false, or possibly both.
Screenshot: BlockDAG Purchasing Dashboard (Token Holder Interface) – September 2025
Tokenomics for the project are as follows:
As can be seen, a total of 50bn BDAGs (33.33%
of total supply) have been allocated for sale
during the pre-sale.
The dashboard states that $406m had been raised through the sale of 26bn tokens.
It has become clear that one (or both) of these numbers are false.
Reported Sales: 1 July to 21 September: approx. $100m
Average Sales Price (effective after bonuses) $0.0016 / BDAG
Coins Sold During this period: 62.5bn
Furthermore - Based on the above, BlockDAG states on their website that they sold $40m in the
“last month”. The average price was $0.0016.
Total BDAGs sold = $40m / 0.0016
= 25bn BDAG tokens sold in the last month.
ACCORDINGLY – IT IS CLEAR THAT EITHER THE SALES FIGURES ARE FALSE, OR THE # OF
TOKENS SOLD IS FALSE (or both).
2. MISLEADING ASSERTION OF BDAG LISTING PRICE
COMMENTARY
BlockDAG repeatedly values BDAG holdings at the future (possible) listing price of $0.05 which
gives a false impression of future value.
Their CEO has mentioned that $0.05 is a price that the project team “hopes” or “would like to”
list at, whereas the marketing repeatedly implies that the project will list at this value, and that
investors would be able to sell at this price as well.
3. POSSIBLE FINANCIAL MIS-MANAGEMENT OF INVESTOR
FUNDS
COMMENTARY
In spite of collecting more than $400m there has been no transparency with the token holders in
terms of
1. the use of funds
2. any high-level accounts / books
3. what proportion of funds are available
4. where the funds are stored, how they are secured
5. whether they are invested, and if so, what are the risks
These questions should be answered by the team to give comfort to the token holders.
As a bare minimum an reasonable investor, and any regulator would expect that, as a minimum,
BlockDAG would exercise considerable care and diligence in managing these funds, which
would include:
➢ full accounting
➢ no co-mingling of token holder funds with the business
➢ an extremely high level of security in place
The community is not aware that any of the above is in place.
Furthermore, the inability of BlockDAG to pay the Euro 2m sponsorship fees to Borussia
Dortmund in August 2024, after having raised more than $100m is extremely worrying.
IF THE PROJECT COULD ACCOUNT FOR ALL THE CASH RAISED, AND HAD THE RIGHT
GOVERNANCE IN PLACE, THEN THERE IS NO REASON WHY IT WOULD NOT PROVIDE
COMFORT TO THE COMMUNITY BY PROVIDING A PROOF OF FUNDS.
3.1. PAYMENT ISSUES – BORUSSIA DORTMUND
Possible Fraud?
It appears that one of the payment proofs had been edited. It is not possible to know for sure
whether this is proof of fraud, but it certainly should be investigated.
3.2. PAYMENT ISSUES – INTER MILAN SPONSORSHIP
4. QUESTIONABLE BONUS TACTICS PREJUDICE EARLY
INVESTORS
COMMENTARY
The pre-sale was designed with a pre-determined price that escalates from $0.001 up to $0.05
at the end of the presale. For the first few months this pricing mechanism was successful.
However around September 2024 BlockDAG started introducing bonuses to incentivise
additional investment. Starting at 50%, these bonuses increased steadily through a multitude of
promotions.
The current level of bonus being offered is 2049%.
In parallel there are a number of other promotions or incentives that exacerbate the situation
even further, leading to an effective token sales price considerably lower than the current level.
These incentives include:
(a) a referral incentive (approx. 10%)
(b) a buyer battle, where every day an allocation of BDAG is set (currently 50 million) and
any shortfall between this allocation and the actual sales is then won by the biggest
buyer from the day.
The effect of these massive bonuses is that early investors that invested when the project was at
an earlier (and more risky) stage, paid considerably more than people investing now. This
6. AGGRESSIVE PROMOTIONAL & SALES TACTICS
COMMENTARY
Most jurisdictions do not permit aggressive sales tactics to the retail public, which is exactly
what BlockDAG does.
BlockDAG uses extremely aggressive hype and FOMO (fear of missing out) to target
unsophisticated retail investors into the pre-sale.
Very little of the marketing contains sufficient or satisfactory risk notices to warn the reader of
the risks involved in the BDAG token.
7. LACK OF REGULATORY COMPLIANCE
COMMENTARY – MiCA Compliance
The BlockDAG CEO has made a statement that it is pursuing MiCA regulatory compliance,
which would involve a process of registering with a “home state” in the EU, and publishing a
MiCA compliant White Paper.
This has not been done.
Many of the actions taken by the project are in director contravention of the MiCA requirements.
Furthermore, no refund is offered by BlockDAG, which is another of the requirements of MiCA.
COMMENTARY – FCA Compliance
There is no evidence that BlockDAG (DAG systems) is FCA licensed. In this case, the only
alternatives to being FCA compliant is:
a) To block any visitors with a UK IP address from accessing the BlockDAG website. There
is an informational IP block in place, but this is not sufficient
b) Work with an FCA Authorised approver to review and approve all marketing that is
accessible to UK residents
Based on the marketing tactics used to promote the presale it is unlikely that an FCA Authorized
approver is being used.
FROM THIS IT IS CLEAR THAT BLOCKDAG IS CURRENTLY IN CONTRAVENTION OF THE FCA
REGULATIONS.
COMMENTARY – MAS (Singapore) Compliance
BlockDAG has recently withdrawn from the Token2049 event in Singapore. The reason given is
that the MAS does not permit presales.
Although not as simple as this, it does imply that BlockDAG does not seem to be authorised to
promote its presale publicly in Singapore.
COMMENTARY – Saychelles VASP Compliance
In January the new regulations came into effect in the Seychelles. The result of this is that
BlockDAG (DAG Systems Ltd) was flagged as being in contravention of the new VASP
regulations.
As a result of this, it is clear that BlockDAG chose to relocate their company to Samoa, rather
than have to go through licensing. THIS IS A SERIOUS CONCERN AS IT SHOWS THAT
BLOCKDAG IS RUNNING FROM REGULATION. THE QUESTION IS “WHY?”
COMMENTARY
During August 2024 BlockDAG announced a sponsorship with Borussia Dortmand. However, it
appears that although the sponsorship deal was signed, it was never fully concluded.
Approximately 2-3 weeks after the first announcement all logos etc were removed from both
parties’ websites.
From the letter from the club (see below) it appears that the sponsorship was never paid for.
Further correspondence retrieved from public sources seem to indicate that BlockDAG was
unable to make payment, and the CEO Antony Turner was not control of the company funds and
was requesting that the UBO make payment.
8.2. Inter Milan – Sponsorship.
BlockDAG signed a sponsorship agreement with Inter Milan around August 2024.
In-country promotions:
The sponsorship appears to have included IP usage rights as well as some in-stadium (ie in-
country) rights, including VIP tickets, SWAG, as well as advertising displays along the side of the
field.
8.3. Continued Promotion of Sponsorship more than 2 months after
termination
Since the end of the 24/25 football season it appears that BlockDAG no longer has a
sponsorship agreement in place. BlockDAG was removed as a partner from the Inter Milan
website sometime in early July.
However, BlockDAG continues to use the clubs IP, and continues to imply that it has a valid
sponsorship agreement in place.
9. FALSE CLAIM: Worlds First DAG Chain
COMMENTARY
This claim is false as there are many DAG based blockchains.
COMMENTARY
BlockDAG repeatedly releases misleading promotions or marketing statements that are cleverly
worded to mislead investors into believing that BlockDAG is launching on a certain (imminent)
date. This has happened a number of times, the latest one being a perceived launch date of 11
th
August 2025.
This trick appears to be very effective as the sales seem to increase considerably leading up to
the “so called” launch.
11. MISLEADING STATEMENTS: Listing on 20 exchanges
COMMENTARY
BlockDAG repeatedly releases false statements saying that it has secured listings on 20
exchanges, which is false.
It seems to have only secured listings on 5 exchanges.
21/09/2025
EMAIL BLAST
12. POTENTIALLY FRAUDULENT COMPETITIONS
COMMENTARY
BlockDAG has run a number of extremely high value competitions – totalling around $5m. Even
though “winners” were announced, the overwhelming impression from the community is that
the prizes were never awarded, or, if they were, the amounts were far less.
This is a project that makes every effort to create promotional PR / Videos / Articles / Pictures
out of almost any event. However, in the case of these competitions there was never any
interviews with any winners. Furthermore, for the later competitions there were no
confirmations from any winners on socials / chat etc.
Furthermore there were quite a few complaints in the chat channels that instead of receiving
their prizes in USDT they were paid in BDAGs. This represents a change to the terms of the
competition.
Note also that none of the competitions had any terms published – this allowed BlockDAG to
change the rules midway.
IT IS THE STRONG VIEW THAT THESE COMPETITIONS NEED TO BE AUDITED TO ENSURE THAT
THE WINNERS ARE REAL AND THAT PRIZES WERE ACTUALLY PAID.
12.1. $1m Giveaway
12.2. SUMMER RAFFLE - $2m
This is an email sent to one of the winners. As can be seen, although the competition states that
the prize will be in USDT, the winners were actually paid in BDAG.
COMMENTARY
The BlockDAG presale is one endless string of promotions, sometime with two or even three
running concurrently.
The overall these of the promotions are to entice people to invest, generally through either
bigger and bigger bonuses, or lower prices.
One of the latest promotions (“NOVESTING”) that directly contradicts the stated project
tokenomics is an opportunity for investors to bypass the normal presale token lockups.
IT IS THE VIEW OF THE AUTHOR THAT THESE TYPES OF PROMOTIONS ARE EXTREMELY
DAMAGING TO THE PROJECT.
However, investors are misled to believe that if they invest using this promotion that ALL
previous purchased coins will also benefit from the NOVESTING promo, which is not the case.
As can be seen above, it would seem that the NOVESTING applies to ALL coins held.
This is confirmed again in the second dialog.
However, this is not the case as it only applies to “Non Bonus” tokens.
EMAIL BLAST: 20
th
July 2025
14. MISLEADING PROMOTIONS:
COMMENTARY
These promotions were made to investors, yet these investors have been unable to claim any of
the benefits. The BlockDAG support have not been able to assist.
15. MILEADING STATEMENTS: PRESALE ENDING SOON
COMMENTARY
The BlockDAG presale is also one endless string of promotions implying that the presale is
ending soon. This has the effect of incentivizing people to buy as they believe this is the last
opportunity.
EMAIL BLAST:
16. FALSE STATEMENTS: MINERS STARTED TO BE DELIVERED
COMMENTARY
BlockDAG has pre-sold physical miners – the X10, X30, and X100.
The X10 has started to be delivered in very minimal quantities (est 200), but there is no sign that
any X30 or X100s have been delivered.
BLOG ARTICLE ON BLOCKDAG WEBSITE: https://blockdag.network/blog/can-blockdag-reach-1-
forecasting-the-revolutionary-coin
17. MISLEADING PRICE INCREASE ANNOUNCEMENTS
COMMENTARY
Every promotion includes a countdown clock. The marketing team also normally implies that
the price will be going up after the end of the promo, and that this low price will never be
available again.
This is completely false advertising, as generally each promo is followed by a lower (not higher)
price.
EMAIL BLAST: JUNE 26
TH
– Stating Price Increase to $0.08
COMMENTARY
One tactic used by the marketing team to create hype and FOMO is the release price
predictions, or imply that the investor will make a very good return (ROI).