HashFlare, the cloud‑mining platform accused of running a Ponzi scheme, moved 10,600 ETH—valued at roughly $18.5 million—on Monday morning after the address lay dormant for about three and a half years.
Transaction Overview
Blockchain analyst ZachXBT identified the outflow from wallet 0xff575a22975cc413771825eb84c163189a4d5d22, noting that the ether was sent in a single transaction and divided between two fresh recipient addresses. At the moment of the transfer, CoinGecko reported ETH trading near $1,754, which set the dollar estimate for the movement.
Conversion to Bitcoin
Following the initial shift, the operator routed the ETH through cross‑chain swap services such as Near Intents, employing two instant‑exchange platforms to bridge the assets into Bitcoin without opening a traditional exchange account. ZachXBT highlighted that this pattern mirrors laundering techniques observed in the KelpDAO breach and a $120 million USDT trace earlier this month.
Legal Background and Market Impact
The address had accumulated its ETH balance in late 2022 and retained it throughout the prosecution timeline, which included the founders’ guilty pleas in February 2025 and their sentencing in August 2025. Although on‑chain monitors flagged the wallet for years, law‑enforcement agencies had not acted until the recent activity, prompting investors to scrutinize the lingering risks associated with the HashFlare fraud and its effect on the broader crypto market.