The cause of Dan's death has yet to be publicly announced.
The Curse of Oak Island's Prometheus Entertainment production company also expressed its condolences to the Blankenship family.
"We would like to extend our deepest sympathies and condolences to the family of Dan Blankenship who passed away yesterday at the age of 95," the production company tweeted Monday.
"Dan was known as a pillar of strength to those around him and we will be forever grateful for the time we had with him."
News of Dan's passing spread when Friends of Oak Island's Facebook page posted about the loss.
"It is with heavy hearts that we share the news of the passing of Daniel Blankenship," the post read.
"A true Oak Island legend, Dan was a respected and admired man. His perseverance, ingenuity and passion inspired all. Safe Journey, Dan. We will all miss you, and your legacy will be a part of us, always."
The series follows brothers Rick Lagina and Marty Lagina, Dan's son David Blankenship, and Marty's former college roommate Craig Tester on their quest to find a mythical secret treasure on an island in Canada.