We first got to know BlockDAG Network a few months ago through a flashy advertisement that appeared while watching a video on YouTube. It featured someone in a luxury racing car on a track, talking about how they made their wealth through a crypto presale, before speeding off. Clicking the link in the advertisement took us to a crypto website with a launchpad where the BlockDAG crypto presale was conducted. It left us wondering how a wealthy person in a racing car was connected to a blockchain Layer-1 presale project.
BlockDAG Network, launched in March 2024, is a cryptocurrency project currently in its presale phase for the $BDAG token, led by CEO Antony Turner, a veteran in the tech industry with experience across sectors like fintech and crypto. The project has raised $112.5 million so far and promotes a unique hybrid structure combining blockchain with Directed Acyclic Graph (DAG) technology, claiming to enhance transaction speed, expand capacity, and enable scalability by allowing thousands of transactions to occur at once without compromising decentralization.
BlockDAG Network and its $BDAG token have stirred up discussions within the crypto community. Numerous cryptocurrency investors have voiced concerns about its legitimacy, with some even labeling it a potential scam. In this article, we aim to bring clarity to whether BlockDAG Network is indeed legitimate by closely examining the aspects that may raise questions as well as those that might lend credibility to the project. Let’s dive in.
The CEO - Antony Turner
If we’re being completely transparent, at first, we thought Antony Turner might be a fictional character. Initially, there wasn’t enough information supporting his LinkedIn profile, and his keynote appearances came off as somewhat theatrical. However, as we researched further, we found several older sources that backed his previous roles as CEO of SwissOne Capital and COO of SPIRIT Blockchain Capital, which eased our doubts that he’s indeed a professional potentially fit to lead BlockDAG Network.
Aggressive Marketing
The BlockDAG project has undertaken extensive marketing through sponsored articles, press releases, professional—and likely expensive—video productions, paid ads, and promotions on social networks like Facebook and Instagram, along with endorsements from crypto influencers on YouTube.
They also claim to have sponsored major European soccer teams and a well-known boxer, spending millions on these partnerships. In addition, the project has offered promotional presale bonuses, such as a 50% bonus in September and a 100% bonus in November, as well as various giveaways.
Altogether, this ongoing marketing push to promote the project and the $BDAG token feels somewhat excessive. Why would a crypto presale project dedicate so much budget and effort to marketing instead of focusing more on research and development?
Certain claims in the BlockDAG Network marketing materials feel questionable. For instance, in a June 2024 keynote, a speaker referenced endorsements from CoinTelegraph, Forbes, and Bloomberg. However, these “endorsements” appear to be merely sponsored articles, with no real backing from these media outlets and no supporting evidence provided.
Cryptocurrency investors prefer their money to go toward product research and development, as this is what gives a project an edge at such an early stage. Excessive marketing spending, like what we’re seeing with BlockDAG Network, may prompt some investors to wonder if the goal is merely to attract new investors—a tactic that could resemble a Ponzi-style scheme.
Whitepaper Similarities to Kaspa’s Whitepaper
We came across this concern on Reddit, where a user alleged that BlockDAG’s whitepaper is overly similar to Kaspa’s whitepaper. Given that both projects are DAG-based Layer-1 blockchain networks, we initially thought such similarities might be plausible. However, we decided to investigate, comparing the two documents ourselves and even using AI for support.
What we found was a significant amount of similarity between the two, with Kaspa’s whitepaper predating BlockDAG’s document. Although the structures are slightly different, certain sections of BlockDAG’s whitepaper closely mirror Kaspa’s, containing similar text, concepts, and formulas—some even appearing as direct screenshots from the Kaspa whitepaper.
While we can’t definitively say if BlockDAG Network copied from Kaspa, and with no partnership or collaboration announced between the two companies, this resemblance raises doubts about whether BlockDAG’s whitepaper is entirely original.
Partnerships with Sports Teams and Celebrities
According to BlockDAG’s website, they claim partnerships with Borussia Dortmund, Inter Milan, and a famous boxer named Alex Pereira. These soccer partnerships briefly appeared on the teams’ websites but were later removed. When we reached out to the teams, we received no response.
BlockDAG Network continues to list these partnerships on its website, which raises questions about their authenticity. Additionally, it’s unclear why a Layer-1 blockchain presale would prioritize partnerships with sports teams and a boxer over forming partnerships with blockchain companies that could actually support the development of the BlockDAG Network.
This approach is reminiscent of a previous presale project we reviewed, LuckyBlock, which took a similar path by securing high-profile yet irrelevant partnerships with boxers before even having a working product. This again brings up concerns about why millions are spent on marketing before development.
Presale Fundraising Strategy
BlockDAG’s fundraising method is atypical for a Layer-1 blockchain project. Most Layer-1 projects secure funding from venture capital or major investors rather than a lengthy presale. For instance, Solana raised $20 million in a round led by Multicoin Capital, while Avalanche received backing from Initialized Capital and Galaxy Digital, and Algorand was funded by Union Square Ventures. Given Antony Turner’s finance and crypto background, it seems plausible that raising funds for a legitimate Layer-1 blockchain project through conventional methods would have been feasible. So, why opt for a prolonged presale? This decision raises questions, and we find it challenging to justify.
Testnet Development – Explorer and Faucet
BlockDAG Network has introduced a blockchain explorer and faucet on its testnet, which allows users to interact with some components. However, this limited functionality provides little evidence of the underlying technology. For a project that claims to have raised over $100 million, we would expect something more robust.
As far as we can tell, this setup may be nothing more than a basic interface storing data without true blockchain integration. It hardly signals technical development worthy of a large-scale Layer-1 blockchain project.
Team’s Late Introduction
Initially, BlockDAG’s team was not publicly disclosed. Only in late July 2024 did the project introduce key team members, including Antony Turner as CEO, Jeremy Harkness as CTO, Prof. Dr. Eng. Youssef Khaoulaj as CSO, and Steven Clarke-Martin as an advisor. While Turner started with BlockDAG Network in June 2023, according to his LinkedIn profile, the rest of the team joined much later—the CSO and advisor came on board in May 2024, while the CTO joined only in October. This leaves us questioning who handled BlockDAG’s whitepaper, tokenomics, marketing, and early development before these key figures joined.
Unrealistic Roadmap
According to BlockDAG’s roadmap, development of the blockchain Layer-1 network began in January 2024, with the mainnet scheduled for completion by November 2024. This timeline seems overly ambitious. Completing a Layer-1 blockchain in just 11 months is nearly unheard of.
For comparison, BlockDAG’s "older sister," Kaspa, took eight years from inception to launch. Research, design, planning, development, testing across various environments, quality assurance, and bug fixing are all crucial steps. Even with an agile approach, the complex process required for a stable, scalable Layer-1 blockchain cannot realistically be achieved in such a short timeframe.
As much as we would like to believe it, the rapid timeline claimed by BlockDAG Network is hard for us to accept as realistic.
Our Conclusion: Is BlockDAG Legit?
In our view, BlockDAG Network presents a mixed picture. While the team is now doxxed and appears to have relevant and legitimate credentials, too many questionable signs surround this project. The aggressive marketing campaigns, lack of relevant partnerships, questionable sponsorships with sports teams and a boxer, and the rapid development timeline, among other concerns, all raise concerns.
Although we cannot definitively determine if a project is a scam, we can make an informed estimate based on available information. For us, the number of questionable signs means it’s best to stay away from the BlockDAG blockchain. What does this mean for you? We think that crypto investors should be cautious, do their own research, and make the decision that feels right for them.
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