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Specter: Suspected Mining Express-associated address swapped 5,004 ETH for 8.8 million DAI
Odaily Planet Daily News On-chain detective Specter posted on X platform, stating that approximately 16 hours ago, a wallet suspected to be related to Mining Express exchanged 5,004 ETH for about 8.8 million DAI, drawing market attention to the reflow of historical funds.
According to his tracking, this address has on-chain connections to the Mining Express project launched in 2019 in Ukraine by Brazilian founder Kaze Fuziyama. The project initially raised funds through a multi-level marketing (MLM) model, later identified as a Ponzi structure, and shifted to cloud rendering services after ceasing payouts.
The on-chain path shows that in March 2024, this wallet received 4,512 ETH from addresses associated with Mining Express. Subsequently, the funds entered the staking system through Lido and Ether.fi, completing the full ETH staking layout in April 2026, and then fully unstaked on May 4.
Specter stated that the address was first flagged on June 15, but further analysis was only completed recently. This large-scale conversion of ETH to DAI indicates a potential reallocation or exit from long-term staked funds.
Analysis suggests that such on-chain behavior of "reactivating historical project funds + large-scale stablecoin conversion" typically triggers market concerns about liquidity release and potential selling pressure.