Specter: Suspected Mining Express-linked address swaps 5,004 ETH for 8.8 million DAI

Odaily星球日报讯 On-chain detective Specter posted on X platform, stating that approximately 16 hours ago, a wallet suspected to be linked to Mining Express exchanged 5,004 ETH for approximately 8.8 million DAI, sparking market attention on the potential reflow of historical funds.

According to its tracking, this address has on-chain associations with the Mining Express project, which was launched in Ukraine in 2019 by Brazilian founder Kaze Fuziyama. The project initially raised funds through a multi-level marketing (MLM) model, was later accused of being a Ponzi scheme, and pivoted to cloud rendering business after ceasing payouts.

The on-chain path shows that in March 2024, this wallet received 4,512 ETH from an address related to Mining Express. Subsequently, the funds entered the staking system via Lido and Ether.fi, completing the entire ETH staking layout in April 2026, and were fully unstaked on May 4.

Specter stated that this address was first flagged on June 15, but further analysis was only completed recently. This large-scale swap of ETH to DAI indicates a reallocation or potential exit behavior of the related long-term staked funds.

Analysis points out that such on-chain behavior of "reactivating historical project funds + large stablecoin conversion" typically triggers market concerns about liquidity release and potential selling pressure.