Svmuu News: On-chain investigator Specter posted on X, stating that approximately 16 hours ago, a wallet suspected of being linked to Mining Express exchanged 5,004 ETH for approximately $8.8 million in DAI, sparking market attention regarding the re-circulation of historical funds.
According to his tracking, the address has on-chain links 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 but was later accused of operating as a Ponzi scheme; after ceasing payouts, it shifted its focus to cloud rendering services.
On-chain data shows that in March 2024, this wallet received 4,512 ETH from an address associated with Mining Express. Subsequently, the funds entered the staking ecosystem via Lido and Ether.fi, with the entire ETH staking deployment completed in April 2026, followed by a full unstaking on May 4.
Specter noted that the address was first flagged on June 15, but further analysis was only recently completed. This large-scale conversion of ETH to DAI suggests that the associated long-term staked funds are being reallocated or may be undergoing a potential exit.
Analysis indicates that this type of on-chain activity—characterized by the “reactivation of historical project funds combined with large-scale stablecoin conversions”—typically draws market attention to liquidity releases and potential selling pressure.