Specter: Suspected Mining Exchange-Linked Address Swaps 5,004 ETH for 8.8 Million DAI

Odaily reports that on-chain sleuth Specter posted on X, stating that approximately 16 hours ago, a wallet suspected to be linked to Mining Exchange exchanged 5,004 ETH for approximately 8.8 million DAI, sparking market attention on the potential reflow of historical funds.

According to their tracking, this address is on-chain associated with the Mining Exchange project, which was initiated in 2019 in Ukraine by Brazilian founder Kaze Fuziyama. The project initially raised funds through a multi-level marketing (MLM) model, was later alleged to be a Ponzi scheme, and pivoted to cloud rendering services after suspending payouts.

The on-chain pathway shows that in March 2024, this wallet received 4,512 ETH from a Mining Exchange-related address. Subsequently, these funds were channeled into staking protocols via Lido and Ether.fi, completing the entire ETH staking arrangement by April 2026, before being fully unstaked on May 4th.

Specter noted that the address was first flagged on June 15th, but a further analysis was only recently completed. This large-scale swap of ETH for DAI suggests a reallocation or potential exit from the long-held staked funds.

Analysis points out that such on-chain behavior—"reactivation of historical project funds coupled with large stablecoin conversion"—typically triggers market concern regarding potential liquidity release and selling pressure.