Specter: Address Linked to Mining Express Swaps 5,004 ETH for 8.8 Million DAI

Odaily reported that on-chain sleuth Specter posted on X, 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, drawing market attention to the re-circulation of historical funds.

According to Specter's 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 alleged to be a Ponzi scheme, and pivoted to cloud rendering services after ceasing payouts.

The on-chain trail shows that in March 2024, this wallet received 4,512 ETH from addresses linked to Mining Express. These funds were subsequently deposited into staking protocols via Lido and Ether.fi, completing the entire ETH staking deployment by April 2026, before being fully unstaked on May 4.

Specter noted that the address was first flagged on June 15, but the further analysis was only recently completed. This large-scale conversion of ETH to DAI suggests a reallocation or potential exit of the associated long-term staked funds.

Analysts point out that such on-chain behavior, involving the reactivation of funds from historical projects and large-scale conversions into stablecoins, typically triggers market concerns about liquidity release and potential selling pressure.