Mystery Crypto Wallet Awakens: Massive Ethereum Movement Linked to Ongoing HashFlare Legal Drama

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 22 2026

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Wallet Activity Resurgence: A previously dormant crypto wallet has suddenly withdrawn 10,600 Ethereum, valued at approximately $18.5 million, indicating potential risks associated with the ongoing HashFlare legal investigation.
Increased Legal Scrutiny: Estonian nationals Sergei Potapenko and Ivan Turõgin, linked to this wallet, are under U.S. legal scrutiny after pleading guilty to conspiracy charges, receiving 16-month prison sentences, and facing appeals against their lenient sentences, highlighting the intensifying regulatory environment in the crypto sector.
Complex Fund Movements: The withdrawn Ethereum was distributed between two recipient addresses and funneled through HiFiSwap and Near Intents platforms, with some assets transitioning from Ethereum to Bitcoin, suggesting intricate fund movements and potential money laundering risks.
Severe Investor Losses: HashFlare accumulated over $577 million from around 440,000 global participants during its operation, yet only managed 1% of its claimed capacity, leaving investors facing significant losses as they await guidance from the Department of Justice regarding the return of over $400 million in seized proceeds.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1211.221	1361.611	1506.871	1657.261	1802.521	1952.911	2098.171
Fibonacci	1361.611	1474.549	1544.322	1657.261	1770.199	1839.972	1952.911

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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