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

Odaily Planet Daily News: On-chain detective Specter posted on platform X, stating that approximately 16 hours ago, a wallet suspected to be linked to Mining Express swapped 5,004 ETH for roughly 8.8 million DAI, drawing market attention to the re-mobilization of historical funds.

According to his tracking, this address has on-chain connections to 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 subsequently pivoted to cloud rendering services 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 staking systems via Lido and Ether.fi, completing the full ETH staking layout by April 2026, and were then entirely unstaked on May 4th.

Specter indicated that the address was first flagged on June 15th, but further analysis was only completed recently. This operation of converting a large amount of ETH into DAI suggests a reallocation or potential exit of the relevant long-term staked funds.

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