Suspected Mining Express Associated Wallet Dumps 5,004 ETH, Swaps for Approximately 8.8 Million DAI

CoinFeed July 4 news, on-chain analyst Specter disclosed on X platform that about 16 hours ago, a wallet suspected to be associated with Mining Express swapped 5,004 ETH for approximately 8.8 million DAI. Specter stated that he first tagged this address on June 15, but only recently completed further tracking and analysis, and attached multiple related addresses for verification. The current large-scale swap has drawn market attention to potential historical capital flows and liquidation motives. According to his tracking, the address has an on-chain connection to the Mining Express project launched in Ukraine in 2019 by Brazilian founder Kaze Fuziyama. The project initially attracted investors with a multi-level marketing (MLM) model, later was accused of being a Ponzi scheme, and after ceasing payouts, shifted to business models such as cloud rendering.