- According to Lookonchain, three new wallets withdrew 4,920 ETH (worth about $16.25 million) from Tornado Cash and sold it for about $3,302 per ETH.
- The transfer arrived shortly after a wallet linked to HEX founder Richard Hart deposited 162,937 ETH (approximately $619 million) into Tornado Cash in early 2024.
- According to on-chain expert Lookonchain, SharpLink Gaming reportedly sold 4,364 ETH to OKX.
Blockchain tracking platform Lookonchain has recorded a wave of Ethereum transactions related to Tornado Cash, raising questions about potential hidden funds.
According to the data, the three new wallet addresses collectively withdrew 4,920 ETH worth approximately $16.25 million and sold the tokens for $3,302 per ETH.
3 new wallets withdrew 4,920 $ETH($16.25 million) and sold for approximately $3,302.
Is this Richard Hart (@RichardHeartWinfounder of HEX, PulseChain, and PulseX) Sell — or Hacker?
For context, Richard Heart bought 162,937 $ETH($619 million) and $3,800… pic.twitter.com/kNdLLRofwy
— Lookonchain (@lookonchain) November 7, 2025
This new deal follows activity in early 2024 in which on-chain analysts linked HEX, PulseChain, and PulseX founder Richard Heart. He purchased 162,937 ETH (worth approximately $619 million) in early 2024 at an average price of $3,800 per ETH and deposited the entire amount into Tornado Cash two days before his latest withdrawal.
Complex wallet transfers are similar to tiering activities
Further investigation revealed a series of 100 ETH inflows worth nearly $342,000. tornado cache Wallet 0x3dE…8ff1A…1000, equivalent to 800 ETH (approximately $2.7 million).
Over 5 hours, the same wallet brought in a total of 3,186 ETH (worth $10.58 million), 10.54 million USD, and 0.11 ETH to wallet 0x3E4…AF44a….
Additionally, analysts noted that this payment pattern reflects a layering process, a common technique used to segregate digital assets across multiple addresses to hide the source of funds.
Sharplink cuts Ethereum amid market decline
When added to the report, sharp link gamingThe leading Ethereum finance company has begun reducing its holdings due to market pressure. According to on-chain data, the company moved 4,364 ETH worth $14.47 million to OKX after redeeming 5,284 ETH worth $17.52 million.
According to , the wallet currently holds 791.07 ETH ($2.65 million) and fractional LSETH. arkham intelligence. This transaction marked the only recent deposit from the company’s address. Sharplink’s market capitalization has fallen by 12% over the past week, following an 8% drop on Thursday.
The company previously purchased $78.3 million in ETH on FalconX on October 27th and invested most of its assets in Liquid Collective and Figment. 30% drop Ethereum However, prices since October have taken a huge toll on institutional investors’ asset values, with Sharplink’s net asset value under management currently at 0.82.