Specter: Suspected Mining Express related wallet sold 5004 ETH and then exchanged for approximately 8.8 million DAI

On-chain analyst Specter posted on the X platform, revealing that about 16 hours ago, a wallet suspected to be related to Mining Express exchanged 5,004 ETH for approximately 8.8 million DAI. Specter stated that he first tagged this address on June 15 but only recently completed further tracking analysis, providing multiple related addresses for verification.

Currently, this large-scale exchange behavior has drawn market attention to potential historical capital flows and liquidation motives. According to his tracking, this address has an on-chain connection to the Mining Express project initiated in Ukraine in 2019 by Brazilian founder Kaze Fuziyama.

The project initially attracted investors through a multi-level marketing (MLM) approach, later being labeled a Ponzi scheme, and after halting payments, shifted to business models such as cloud rendering.

Historical on-chain records show that on March 19, 2024, this wallet received 4,512 ETH from related addresses and subsequently engaged in staking operations through Lido and Ether.fi; by April 2026, all these ETH had entered a staked state and were fully unstaked by May 4.