HashFlare Fraud Wallet Resurfaces with $18.5M Ethereum Movement

A dormant wallet linked to the HashFlare investment fraud has moved $18.5 million in Ethereum (ETH) after three and a half years of inactivity, onchain investigators reported.

The movement was flagged by ZachXBT in a Telegram update, with Cyvers credited for helping identify the activity.

The funds were sent to two recipient addresses, before being routed through HiFiSwap and NEAR Intents, suggesting an attempt to move value from Ethereum toward Bitcoin.

This fresh movement gives investigators a new trail from a case that produced one of the largest crypto-fraud forfeitures in U.S. history, with over $450 million in assets already forfeited by HashFlare founders Sergei Potapenko and Ivan Turõgin.