HashFlare fraud involves transferring $18.5 million in ETH to associated addresses and conducting money laundering

ZachXBT has detected that wallets related to the $575 million HashFlare investment fraud have transferred 10600 ETH worth approximately $18.5 million after being dormant for 3.5 years. Funds are transferred from Ethereum to Bitcoin through HiFiSwap and the Intents feature of Near Protocol, and money is laundered using instant exchange services. HashFlare co founders Sergei Potapenko and Ivan Tur õ gin have pleaded guilty in 2025 and surrendered $450 million in assets to the US government.