# BlockDAG review: Trust Score 6/100 (High risk)

Source page: https://vaultx.llc/reviews/blockdag · independent VaultX review by Rex · updated 2026-10-27

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.

**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)

**Green flags**
- 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

**Sources**
- DL News: Inside BlockDAG's $442m crypto maze of missing miners, unpaid employees, and breached contracts https://www.dlnews.com/articles/defi/inside-crypto-project-blockdag-442-million-usd-maze/
- FSA Seychelles: Warning, unauthorised activity under the VASP Act 2024 (DAG SYSTEMS LTD., BLOCKDAG) https://fsaseychelles.sc/media-corner/regulatory-updates/warning-unauthorised-activity-under-the-virtual-asset-service-providers-act-2024
- LBank: BlockDAG (BDAG), what is BlockDAG and what happened https://www.lbank.com/explore/blockdag-bdag-network-presale-launch-explained
- Cryptonews: BlockDAG launch date, confirmed exchange listings for March 4 delayed https://cryptonews.com/cryptocurrency/blockdag-launch-date/
- Coin Gabbar: What happened to the $600M presale target (NEW BDAG) https://www.coingabbar.com/en/blockdag-news-600m-target-new-bdag-presale
- Coin Gabbar: Did the October 25 distributions actually begin? https://www.coingabbar.com/en/blockdag-news-october-25-distributions-proof
- Coin Gabbar: BlockDAG listing in 33 hours, $0.65 reference unverified https://www.coingabbar.com/en/blockdag-listing-33-hours-bdag-price-rise-october-29

Not financial advice. Nobody can pay for a VaultX review.

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