ZachXBT Exposes Gurhan Kiziloz Project as Suspected Fraud and Money Laundering
On-chain detective ZachXBT pointed out that after Gurhan Kiziloz's Blockdag Network failed to launch its mainnet and mining machines for years, it turned to the new crypto gambling project Spartans, still claiming that the presale could yield 300 times profit.
Kiziloz has extracted at least $350 million from inexperienced retail investors to purchase luxury cars, watches, and real estate. ZachXBT speculates that Spartans may be used to launder Blockdag funds, for example, by paying employees and KOLs excessively.
Crypto retail investors in the market are wary of high-return presale projects. ZachXBT enhances industry transparency through public tracking, benefiting compliant blockchain projects while putting pressure on suspected fraudulent projects, accelerating the shift of funds from high-risk presales to transparent on-chain assets.
Source: Public Information
ABAB AI Insight
Gurhan Kiziloz previously conducted long-term presales under the Blockdag name without delivering core products. The shift to the Spartans gambling project continues the common path in the crypto industry of "new narratives to revive old project failures." ZachXBT has repeatedly exposed similar cases of funds flowing into personal consumption through on-chain analysis.
In terms of capital flow, Kiziloz has used a large portion of the raised funds for personal luxury goods and real estate, while possibly laundering old funds through high salaries in the new project. The motive is to maintain the capital chain and attract new investors, forming a typical fraud model that cycles from presale fundraising to personal asset accumulation and then to new projects.
Similar operations by multiple crypto projects involve "new projects saving old projects" or extending fundraising through gambling/gaming narratives. Blockdag/Spartans is currently in a high-risk exposure phase under continuous tracking by ZachXBT, pushing the industry to transition from high-return presales without delivery to on-chain transparency and community oversight.
Structural judgment: Essentially a response to regulatory changes. The public nature of on-chain data and independent detective tracking makes it difficult to hide new narratives after project failures. The mechanism allows for real-time exposure of fund flows and personal consumption, forcing fraudulent capital to shift from high-profile presales to more concealed methods or compliant platforms, while accelerating investors' risk aversion awareness and platform risk control upgrades.
ABAB News · Cognitive Law
Mainnet never launches, new projects continue to deceive.
The louder the 300 times promise, the higher the risk.
On-chain traces are eternal, detectives never sleep.