BlockDAG BDAG review
Raised hundreds of millions in a 2-year presale, launched 8 months late, then fell about 99.9% from its peak within weeks
BlockDAG sold its BDAG token in a presale that ran from December 2023 to February 2026 and, by its own website, raised over $440 million. Its mainnet came about eight months after the first promised date, the planned 20 exchange listings shrank to a phased rollout, and the token fell roughly 99.9% from its March 2026 high within about two weeks. A DL News investigation reported unpaid staff, undelivered mining hardware and unpaid sponsorship invoices, which BlockDAG denies, and the Seychelles financial regulator warned that the issuing company had no authorisation. In October 2026 the project is selling a separate 'NEW BDAG' coin with price references that no exchange has confirmed.
What they promised vs what happened
| Promised: Mainnet launch in June 2025 | Missed; then August 11, 2025 was missed too. Mainnet went live February 10, 2026, about eight months late (LBank explainer).late |
| Promised: Listing on 20 exchanges at launch | Listing was delayed from the planned March 4, 2026 date; trading began on LBank on March 6, 2026 with a phased rollout, and DL News reported the plan had shrunk to five exchanges.broken |
| Promised: Fixed $0.05 listing price and a $100 million launch liquidity pool (whitepaper) | The token reached $0.40 on March 29, 2026, then fell to about $0.00015 by mid-April, roughly 99.9% below the peak (LBank explainer).broken |
| Promised: 50 billion tokens sold in the presale (whitepaper) | Investors quoted by DL News estimate 90 to 150 billion tokens were sold; the project has not published a reconciled figure.unclear |
| Promised: X10/X30/X100 mining rigs for buyers | DL News reported about 20 prototypes shipped and over $5 million of rig orders still outstanding with the manufacturer as of its January 2026 reporting.broken |
| Promised: Official partner of Borussia Dortmund, Inter Milan and the BWT Alpine F1 team | DL News reported unpaid invoices of about €2 million (Dortmund) and $1.4 million (Alpine), and a cease-and-desist from Inter Media telling BlockDAG to stop calling itself Inter's official blockchain partner.broken |
What people are saying
- Many presale buyers report heavy losses after the post-launch crash and frustration over repeated delays
- Complaints about unclear token claims, bonus-code pricing and how many tokens were really sold
- A loyal community still attends the project's daily AMAs and points to a working testnet and audited code
- Crypto media coverage shifted from paid 'best presale' articles to investigations and 'is it a scam?' explainers
Red flags
- The Financial Services Authority of Seychelles warned on 19 March 2025 that DAG SYSTEMS LTD., the company that issued the BLOCKDAG coin, had no authorisation
- Funding claims don't match: the website said $440M+ raised while the CEO told DL News 'more than $200 million'; the project declined to say where the funds are held
- DL News traced at least $110 million sent to Binance and BTSE accounts
- Reported unpaid staff (about 24 employees owed over $140,000 for December work, per a former payroll manager) and unpaid sponsors, which the project denies
- Team anonymous for the first seven months; three different public leaders since 2024
- Token fell about 99.9% from its all-time high within roughly two weeks of the peak
- A new 'NEW BDAG' presale in 2026 with prices around $0.000000001 and a project-stated $0.65 opening reference that no exchange has independently confirmed
- Reported registration move to Samoa that the Samoan registrar had no record of (DL News)
Good signs
- A mainnet and testnet do exist, and CertiK and Halborn audited the smart-contract code (code only, not the business)
- The team holds regular public AMAs and published a 2026 roadmap
Key facts
Timeline
- 2023-12Presale opens at $0.0001 per token; team anonymous for its first seven months
- 2024-07Antony Turner introduced as CEO
- 2024-09-27Borussia Dortmund sends a default letter over an unpaid invoice (DL News)
- 2025-03-19FSA Seychelles warns that DAG SYSTEMS LTD. (BLOCKDAG) has no authorisation
- 2025-06Original mainnet date missed; August 11 date missed as well
- 2025-08Inter Media cease-and-desist over non-payment (DL News)
- 2025-12-29Gurhan Kiziloz revealed as founder in an AMA
- 2026-01-15DL News investigation on missing miners, unpaid staff and breached contracts; BlockDAG 'strongly denies' the claims
- 2026-02-02Presale closes, project reports over $452M raised
- 2026-02-10Mainnet live
- 2026-03-06Trading starts on LBank after the March 4 date slipped
- 2026-03-29All-time high around $0.40
- 2026-04Price near $0.00015, about 99.9% below the peak
- 2026-08'Fresh Start' NEW BDAG presale described in a new FAQ
- 2026-10Project announces NEW BDAG distributions and an Oct 29 'exchange debut'; no exchange has confirmed it in sources reviewed
Their side
BlockDAG told DL News it 'strongly denies' the funding discrepancy and the contract claims and said the report 'does not accurately reflect' its current state. The CEO declined an interview, citing a 'critical execution phase', and the founder pulled out of a scheduled interview.
Bottom line
On the documented record, putting new money into BlockDAG or its NEW BDAG sale carries a very high risk of loss. If you already hold BDAG, rely only on announcements confirmed by the exchange itself, never send funds to 'claim' or 'migration' links, and keep records of your purchases in case regulators or lawyers open a case.
Scan a token for riskAsk us to review somethingIf you already invested
- Keep every record: your wallet address, transaction hashes, the amount and date of each purchase, emails and screenshots of your dashboard, bonus codes and any promises made to you.
- Report it. In the US: the FBI's Internet Crime Complaint Center (ic3.gov) and the FTC (reportfraud.ftc.gov). In the UK: Action Fraud (actionfraud.police.uk) and the FCA. Elsewhere: your national police cybercrime unit and financial regulator. DL News reported investors filing complaints with Dubai's virtual-asset regulator VARA, where the founders are believed to live.
- Never pay a 'recovery' service. People who lost money in a project like this are targeted by fake fund-recovery firms that charge upfront and disappear. Real recovery runs through police, regulators or a licensed lawyer.
- Don't connect your wallet to 'claim', 'migration' or 'airdrop' links for BDAG or NEW BDAG unless the exchange itself announces them on its official site.
- Talk to other investors. Groups of victims can share one lawyer and give regulators a stronger case.
Sources
- DL News: Inside BlockDAG's $442m crypto maze of missing miners, unpaid employees, and breached contracts (2026-01-15)
- FSA Seychelles: Warning, unauthorised activity under the VASP Act 2024 (DAG SYSTEMS LTD., BLOCKDAG) (2025-03-19)
- LBank: BlockDAG (BDAG), what is BlockDAG and what happened (2026-04)
- Cryptonews: BlockDAG launch date, confirmed exchange listings for March 4 delayed
- Coin Gabbar: What happened to the $600M presale target (NEW BDAG) (2026-10-10)
- Coin Gabbar: Did the October 25 distributions actually begin? (2026-10-26)
- Coin Gabbar: BlockDAG listing in 33 hours, $0.65 reference unverified (2026-10-27)
How we review: our AI agents read official materials, independent news, regulator databases and public user reports, then score delivery, transparency, legal record, money and community. Allegations are attributed to their source. This is not financial advice and not a statement of fact about any person's intent. Are you BlockDAG? Send us a correction or your side, and we'll re-check and update this page.
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