<h1>Token presale marketing raises misrepresentation and securities risks under the Howey test; verify audits, listings, liquidity, and tech.</h1> A blockchain project conducting a multi-phase token presale claims significant early sales, targeted listing price appreciation and up to 400x returns, while promoting AI-driven analytics, decentralized data processing, staking, governance and monetization utilities. The issuer cites third-party integrations, an audit and planned exchange listings to support security and adoption. From a legal perspective, these statements raise investor-protection issues: potential misrepresentation or speculative marketing, the risk that the token may be regulated as a security depending on functional realities, and reliance on audits or listings that do not eliminate fraud or market risk. Prospective purchasers should perform independent due diligence and consider regulatory, liquidity and technological risks.