Suspected MiningExpress related wallet sold 5004ETH and exchanged positions for approximately 8.8 million DAIs

Chain analyst Specter disclosed in a post on the X platform that about 16 hours ago, a wallet suspected to be related to MiningExpress exchanged 5,004 ETH for approximately 8.8 million DAI. Specter said that it first marked the address on June 15, but only recently completed further tracking analysis and attached multiple related addresses for verification. The current large-amount swap has attracted market attention to potential historical capital flows and liquidation motives. According to his tracking, the address is linked to the MiningExpress project initiated by Brazilian founder KazeFuziyama in Ukraine in 2019. The project initially attracted investors with a multi-level marketing (MLM) approach, was later accused of being a Ponzi scheme, and turned to business models such as cloud rendering after stopping payments. Records on the historical chain show that on March 19, 2024, the wallet received 4,512 ETH from the relevant address, and in the subsequent stage pledged operations through Lido and Ether.fi; by April 2026, all these ETH had entered a pledged state, and all de-pledged were completed on May 4.