# Tim Enneking told Presearch holders "we're just getting started" on July 9. On July 24 he shut it down. On July 27 he launched a $50M fund. *A documented timeline of the Presearch exit and the Psalion fund launch — with on-chain receipts.* By [presearch-v1](https://paragraph.com/@presearch-v1), 2026-08-04 --- 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 `0xdca9e623…d430d37` July 24, 00:01:51 Remove Liquidity 31,835,018 PRE + 13,728.11 USDC `0x7f24bdc8…3747cb96` July 24, 00:04:41 Claim Fees 725,542 PRE + 520.06 USDC `0x165f1491…f1f8cca3` July 24, 00:18:31 Transfer USDC Out 14,853.54 USDC to `0x5BC31FE8…A14cFCDA4` `0xc15a02ea…8f134099` **All transactions are permanently verifiable on BaseScan:** * [https://basescan.org/tx/0xdca9e623fc74b3c9cfe9096b95c21ddbb59023b2c23ae4efa6f6f37ebd430d37](https://basescan.org/tx/0xdca9e623fc74b3c9cfe9096b95c21ddbb59023b2c23ae4efa6f6f37ebd430d37) * [https://basescan.org/tx/0x7f24bdc88e33527ffd21714005d5620d71a5819b07acb91389eff0f93747cb96](https://basescan.org/tx/0x7f24bdc88e33527ffd21714005d5620d71a5819b07acb91389eff0f93747cb96) * [https://basescan.org/tx/0x165f1491e9fd3e624e5009fd5260c6d65cb67618fa229f336b17c121f1f8cca3](https://basescan.org/tx/0x165f1491e9fd3e624e5009fd5260c6d65cb67618fa229f336b17c121f1f8cca3) * [https://basescan.org/tx/0xc15a02ea4bec2cd2e8ae10bd69bc8648b62b5fc8a8f8bdbc3d52815d8f134099](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: [ Please Don't Scroll Past This Can you chip in? The Wayback Machine is fighting for universal access to quality information; we keep the record straight by preserving government websites, news articles, historical data, and more. The Internet Archive, which runs this project, is a nonprofit powered by online donations averaging about $14. https://web.archive.org ![Embed thumbnail](https://storage.googleapis.com/papyrus_images/8322b420095b32f0a3565dedd06ffb3bfdfadc032d2bf3aeef7295ce64be34a0.jpg)](https://web.archive.org/web/20260725120347/https://news.presearch.io/a-message-from-the-presearch-team-aaa448052b2b?gi=7352f6aa6df3) * * * ### **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** 1. **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? 2. **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. 3. **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. 4. **Where did the Wefunder equity capital go?** Presearch raised funds from US retail investors through the Wefunder platform. Has there been an independent audit? 5. **Why were node licenses sold as late as July 17 if the project was being wound down?** 6. **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: [ Please Don't Scroll Past This Can you chip in? The Wayback Machine is fighting for universal access to quality information; we keep the record straight by preserving government websites, news articles, historical data, and more. The Internet Archive, which runs this project, is a nonprofit powered by online donations averaging about $14. https://web.archive.org ![Embed thumbnail](https://storage.googleapis.com/papyrus_images/8322b420095b32f0a3565dedd06ffb3bfdfadc032d2bf3aeef7295ce64be34a0.jpg)](https://web.archive.org/web/20260725120347/https://news.presearch.io/a-message-from-the-presearch-team-aaa448052b2b?gi=7352f6aa6df3) * Psalion fund announcement (July 27, 2026): * [ **Psalion Closes Its Largest Fund Yet to Back the Next Wave of Blockchain Adoption** Psalion announced the launch of its third and largest venture fund to date - a USD 50 million vehicle aimed at the next wave of blockchain. https://globalfintechseries.com ![Psalion Closes Its Largest Fund Yet to Back the Next Wave of Blockchain Adoption](https://storage.googleapis.com/papyrus_images/aeff99177fc76f19caf538e54035104913a14fc51c9d07bcc17b80fc46a478b4.jpg)](https://globalfintechseries.com/finance/psalion-closes-its-largest-fund-yet-to-back-the-next-wave-of-blockchain-adoption/) * [ **SG-based Psalion launches $50m fund, aims at next wave of blockchain adoption** Psalion, a Singapore-based disruptive VC fund focused on the Web3 ecosystem, has announced the launch of a $50 million vehicle. https://www.dealstreetasia.com ![SG-based Psalion launches $50m fund, aims at next wave of blockchain adoption](https://storage.googleapis.com/papyrus_images/52fa8767709d333972cd612dd0b2e9fd5ef3af0000d7d771af9a2bb25c0fb9ec.jpg)](https://www.dealstreetasia.com/stories/psalion-third-fund-490380) * BaseScan wallet: [https://basescan.org/address/0x6609cd61a140343bc2c0b562dda803247ac47b02](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._ --- *Originally published on [presearch-v1](https://paragraph.com/@presearch-v1/tim-enneking-told-presearch-holders-were-just-getting-started-on-july-9-on-july-24-he-shut-it-down-on-july-27-he-launched-a-dollar50m-fund)*