Hashflare scam address moves $18.5M in ETH after 3.5-year dormancy

An address linked to the $575 million Hashflare investment scam has transferred 10,600 ETH, worth approximately $18.5 million, after being dormant for 3.5 years, according to on-chain analyst ZachXBT. Hashflare co-founders Sergei Potapenko and Ivan Turogin pleaded guilty in 2025 and forfeited approximately $450 million in assets to the U.S. government. ZachXBT added the funds were subsequently swapped from Ethereum to Bitcoin using services such as HiFiSwap and Near Intents and appear to have already been laundered.