This is a documented timeline sourced from Presearch's official Telegram channels, public announcements, and Base blockchain transaction records. Every quote is verifiable. Every transaction is permanent on-chain.
I am publishing this anonymously because I have no interest in personal exposure — only in ensuring that prospective investors in Tim Enneking's current venture fund have access to information that is absent from his marketing materials.
Who is Tim Enneking?
Tim Enneking is the Managing Partner of Psalion , a digital asset investment firm that announced the closing of a US$50 million blockchain venture fund on July 27, 2026 . The fund is structured as a Singapore Variable Capital Company and managed by Conduit Asset Management Pte. Ltd. , a MAS-registered entity (Ref: 218800).
Until July 24, 2026 , Enneking was simultaneously the CEO of Presearch , a cryptocurrency search engine project with a token (PRE) that was held by thousands of retail investors.
What happened to Presearch?
The following timeline covers the final five weeks of Presearch, during which the Psalion fund was being finalised.
June 22, 2026
Enneking to the Presearch community:
"We have a couple of months; it's not as if we're facing an existential threat tomorrow."
June 25 – July 21, 2026
Official Presearch administrators repeatedly assure token holders that a PRE token swap is forthcoming. Holders asking how to prepare are told:
"Just wait, for now you don't need to do anything."
July 7–17, 2026
Presearch actively markets its Series IV Node License Auction , soliciting fresh capital from the public. Official communications celebrate that prior auctions were "3 SELLOUTS" and took "30M+ PRE out of circulation."
July 9, 2026
Presearch official news channel:
"We're just getting started."
July 11, 2026
Official channel:
"+14.2% this week! Closing in on 500K!"
July 19, 2026
Presearch distributes a "4.0 Strategy Paper" to its community, reinforcing the impression of forward planning.
July 22, 2026
The Series IV Node License Auction is quietly "postponed." No reason is given.
The liquidity removal — 21 hours before the announcement
Presearch's PRE token liquidity on the Base blockchain was provided through Aerodrome (a decentralised exchange) by wallet 0x6609cd61A140343bC2c0B562DDa803247Ac47b02 .
This wallet had managed the PRE/USDC liquidity pool since at least August 2025. It was originally funded with 4,000,000 PRE tokens bridged from Ethereum via Across Protocol on August 9, 2024. It is an established operator liquidity wallet.
On July 23–24, 2026, the following transactions occurred (all times UTC):
| Time (UTC) | Action | Amount | Transaction Hash |
|---|---|---|---|
| July 23, 23:59:15 | Remove Liquidity | 1,151,219 PRE + 496.44 USDC | |
| July 24, 00:01:51 | Remove Liquidity | 31,835,018 PRE + 13,728.11 USDC | |
| July 24, 00:04:41 | Claim Fees | 725,542 PRE + 520.06 USDC | |
| July 24, 00:18:31 | Transfer USDC Out | 14,853.54 USDC to | |
All transactions are permanently verifiable on BaseScan:
-
https://basescan.org/tx/0xdca9e623fc74b3c9cfe9096b95c21ddbb59023b2c23ae4efa6f6f37ebd430d37
-
https://basescan.org/tx/0x7f24bdc88e33527ffd21714005d5620d71a5819b07acb91389eff0f93747cb96
-
https://basescan.org/tx/0x165f1491e9fd3e624e5009fd5260c6d65cb67618fa229f336b17c121f1f8cca3
-
https://basescan.org/tx/0xc15a02ea4bec2cd2e8ae10bd69bc8648b62b5fc8a8f8bdbc3d52815d8f134099
The shutdown was announced on July 24, 2026 at approximately 20:59 UTC — roughly 21 hours after the liquidity was removed.
The effect: PRE token holders were unable to sell their holdings at meaningful value once the shutdown was announced. The market's liquidity had already been removed. The ~$14,200 of USDC that backed the pool was gone — swept to a separate wallet 18 minutes after the final liquidity removal.
The shutdown
July 24, 2026, ~20:59 UTC: Presearch announced it was shutting down "effective immediately." The withdrawal window would close on July 27, 2026 — approximately three days, spanning a weekend.
During the withdrawal window, users in the official Telegram channel reported:
-
Login failures and redirect errors preventing account access
-
Two-factor authentication systems malfunctioning
-
Staked tokens remaining locked despite the team's announcement that the 24-hour holding period had been removed
-
A 1,000 PRE minimum withdrawal threshold that made smaller balances permanently unwithdrawable
July 25, 2026: The Presearch website became intermittently unreachable.
July 27, 2026: The withdrawal window closed.
After the withdrawal window closed: The original shutdown announcement blog post was deleted from the Presearch website. An archived version is available on the Wayback Machine:
The fund launch
July 27, 2026 — the same day the withdrawal window closed — Psalion announced the closing of Tim Enneking's largest-ever fund: US$50 million for "early-stage blockchain innovation."
The announcement was distributed via GlobeNewswire and covered by DealStreetAsia. It describes Enneking's 35-year career in finance and his crypto track record, including management of "the then all-time best-performing Bitcoin Fund."
The announcement does not mention Presearch.
Unanswered questions
-
Who controls wallet
0x6609cd61A140343bC2c0B562DDa803247Ac47b02? The wallet managed Presearch's official liquidity for nearly a year. As CEO, Enneking bore responsibility for the project's operations. Who authorised the liquidity removal 21 hours before the shutdown announcement? -
Where did the 14,853.54 USDC go? It was transferred to
0x5BC31FE8fa4a2fe7393e58f1b085017A14cFCDA4. The next hop — whether to a KYC'd exchange, a bridge, or another intermediary — is traceable on-chain. -
Who owns Presearch's assets now? Presearch's IP, domain, and treasury were reportedly transferred through a corporate restructuring to an undisclosed LLC. The identity of this entity has not been disclosed to the community.
-
Where did the Wefunder equity capital go? Presearch raised funds from US retail investors through the Wefunder platform. Has there been an independent audit?
-
Why were node licenses sold as late as July 17 if the project was being wound down?
-
Why was the shutdown announcement deleted from the Presearch website after the withdrawal window closed?
What this means for Psalion's investors
A legitimate wind-down of a failing project looks like this: 60–90 days' notice, all balances unlocked, minimums waived, liquidity untouched, support staffed.
Presearch's wind-down looked like the opposite on every point:
-
3 days' notice (not 60–90)
-
Balances remained locked or inaccessible
-
Minimum thresholds not waived
-
Liquidity removed before announcement
-
Support effectively absent
-
Announcement deleted after the fact
The Managing Partner of Psalion presided over this. It is not in the fund's marketing materials.
If you are an LP considering Psalion's fund, or a founder considering their term sheet, you should know this history.
If you are a regulator in Singapore, the United States, or elsewhere, the on-chain evidence is permanent.
Evidence
-
Official Presearch Telegram channel export (June 25 – July 26, 2026) — available to investigators and journalists on request
-
Presearch shutdown blog post (July 24, 2026), archived on Wayback Machine:
-
Psalion fund announcement (July 27, 2026):
-
BaseScan wallet: https://basescan.org/address/0x6609cd61a140343bc2c0b562dda803247ac47b02
This post is published anonymously. The facts are documented and verifiable. The purpose is to ensure that prospective investors in Tim Enneking's current ventures have access to information about his most recent operational track record. If you are a journalist or investigator seeking the full evidence package, the Telegram export and additional documentation are available on request through encrypted channels.