Chinese Mining Company Founder’s Wallets Show Activity: He Had Purchased Bitcoin and Ethereum Last Month

F2Pool co-founder Wang Chun reportedly transferred a portion of his WBTC and $ETH purchases from June to Binance, making a profit of approximately $3.4 million at current prices.

According to on-chain data, Wang Chun purchased approximately 70,600 $ETH and 966 WBTC in June. The total value of these purchases is estimated to be around $117 million for $ETH and approximately $60.29 million for WBTC.

Following the recovery in the cryptocurrency market in July, Wang Chun reportedly transferred 36,600 $ETH and 160 WBTC to Binance in recent days. These transfers are believed to be aimed at profit-taking after the dips seen in June.

On the other hand, another significant transaction that caught attention in the market came from a wallet allegedly linked to Mining Express. Approximately 16 hours ago, this wallet reportedly exchanged 5,004 $ETH for around 8.8 million DAI.

Blockchain researcher Specter stated that he first identified this address on June 15th, but recently completed the detailed tracking and analysis process. Specter also shared multiple linked wallets to verify the address.

This large-scale $ETH swap has raised questions in the market regarding past fund movements and potential liquidation motivations. According to Specter’s analysis, the address has an on-chain connection to the Mining Express project, launched in Ukraine in 2019 by Brazilian founder Kaze Fuziyama.

Mining Express initially attracted investors with a multi-level marketing model, but was later accused of being a Ponzi scheme. After halting repayments, the project shifted its focus to cloud rendering and similar business models.

Historical on-chain records show that the wallet in question received 4,512 $ETH from a linked address on March 19, 2024, and subsequently staked these assets via Lido and Ether.fi. As of April 2026, all of the $ETH was staked, and it was completely unstaken on May 4th.

*This is not investment advice.