An Ethereum address tied to the HashFlare cloud-mining fraud sprang to life Monday morning, transferring 10,600 ETH — worth about $18.5 million at current prices. The wallet had sat untouched for roughly three and a half years. On-chain investigator ZachXBT was first to flag the movement, noting it was the first transaction from that address since the scheme collapsed.
The movement
The transfer happened early Monday, 2026-06-22. The 10,600 ETH moved in a single transaction. No further details about the destination wallet have been publicly confirmed yet. The timing is notable — the funds sat dead silent through the 2024 bull run and the market downturn that followed. Whoever controls the wallet decided today was the day to act.
Who flagged it
ZachXBT, a well-known blockchain detective, posted the alert on his Telegram channel and social media. He's tracked dozens of high-profile hacks and fraud cases over the years. His callout means the movement is now under intense scrutiny from exchanges and law enforcement. The wallet's owner probably wasn't looking for a quiet exit.
The HashFlare connection
HashFlare was a cloud-mining operation that the U.S. Department of Justice charged with fraud in 2022. The scheme promised customers mining power for Bitcoin and other coins but allegedly delivered little to nothing. The address in question was flagged as part of the proceeds from that fraud. It's unclear whether the funds are being moved by the original perpetrators, a victim, or someone else who obtained the keys. No charges have been filed related to this specific transfer — yet.
What happens next
Exchanges that receive any portion of the 10,600 ETH will likely freeze it if they spot the link to the fraud. ZachXBT's alert gives them a head start. The next few hours will reveal whether the funds get broken into smaller chunks and laundered through mixers or if they land on a compliant platform and get stuck. Either way, the wallet's long silence is over.
