ZachXBT: Address Linked to $575M Hashflare Scam Transfers 10,600 ETH After 3.5 Years of Inactivity

News Editor

2026-06-22 10:56:23

On-chain detective ZachXBT reported that a wallet associated with the $575 million Hashflare investment fraud, dormant for 3.5 years, moved 10,600 ETH (~$18.5M) three hours ago. The entity began laundering funds from Ethereum to Bitcoin using swap services.

Hashflarescamon-chain trackingETH transfer

On-chain investigator ZachXBT disclosed via his private channel that a wallet linked to the $575 million Hashflare investment scam, which had remained inactive for 3.5 years, transferred 10,600 ETH (worth approximately $18.5 million) three hours ago. The sudden movement drew immediate attention from the crypto community.

Hashflare co-founders Sergei Potapenko and Ivan Turogin pleaded guilty to fraud charges in 2025 and forfeited $450 million in assets to the U.S. government. According to on-chain data, the entity has started laundering funds from Ethereum to the Bitcoin network through HiFiSwap and Near Intents, utilizing two instant exchange platforms. Cybersecurity firm Cyvers assisted in flagging the illicit transfer for the first time.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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