HashFlare Scam-Linked Address Transfers 10,600 ETH After 3.5 Years of Silence, Worth Approximately $

On June 22, according to on-chain investigator ZachXBT, an address linked to the HashFlare investment scam transferred 10,600 ETH, valued at approximately $18.5 million, just three hours ago after being dormant for about 3.5 years. Information indicates that the two Estonian co-founders of HashFlare, Sergei Potapenko and Ivan Turõgin, pleaded guilty in 2025 and agreed to forfeit approximately $450 million in assets to the U.S. government. Following this transfer, the related entities began moving funds from the Ethereum network to the Bitcoin network via HiFiSwap and Near Intents, utilizing two instant exchange platforms for the fund circulation. This unusual movement of funds was first discovered with the assistance of Cyvers.