Hashflare Fraud Case: Funds Show Unusual Activity—10,600 ETH, Dormant for 3.5 Years, Transferred Amid Suspected Money Laundering

According to on-chain analyst ZachXBT, the address (0xff57...5d22) linked to the $575 million Hashflare investment fraud case transferred 10,600 ETH (approximately $18.5 million) about three hours ago—after remaining dormant for 3.5 years. The two Estonian founders of the scheme, Sergei Potapenko and Ivan Turogin, pleaded guilty in 2025 and forfeited approximately $450 million in assets to the U.S. government. The transferred funds were immediately bridged from Ethereum to Bitcoin via HiFiSwap and Near Intents, then laundered through two instant exchange platforms. The funds flowed to addresses including 0xc82f...9d04 and 0x3297...2527.