HashFlare Scam-Related Address Dormant for 3.5 Years Moves 10,600 ETH Worth Around $18.5 Million

BlockBeats News, June 22, according to on-chain investigator ZachXBT's monitoring, 3 hours ago, an address related to the HashFlare investment scam has moved 10,600 ETH on-chain after being dormant for about 3.5 years, with a value of approximately $18.5 million.

Information indicates that HashFlare's two Estonian co-founders, Sergei Potapenko and Ivan Turõgin, pleaded guilty in 2025 and agreed to forfeit about $4.5 billion in assets to the U.S. government.

Following this transfer, the entities involved started transferring the funds from Ethereum to the Bitcoin network through HiFiSwap and Near Intents, using two instant exchange platforms for fund circulation. This unusual fund movement was initially discovered with the assistance of Cyvers.