Three new wallets withdrew 4,920 ETH, worth approximately $16.25 million, from Tornado Cash and sold it for around $3,302 per ETH, according to Lookonchain.
The transfers arrived shortly after wallets tied to the HEX founder, Richard Heart, had deposited 162,937 ETH (approximately $619 million) into Tornado Cash earlier in 2024.
SharpLink Gaming reportedly sold 4,364 ETH to OKX, as per on-chain expert Lookonchain.

Blockchain tracking platform Lookonchain recorded a wave of Ethereum transactions linked to Tornado Cash, raising questions about potential fund cover-ups.

According to the data, three new wallet addresses withdrew a combined 4,920 ETH valued at roughly $16.25 million and sold the tokens at $3,302 per ETH.

Three new wallets just withdrew 4,920 $ETH($16.25M) from https://t.co/11PfRBP2j2 and sold at around $3,302.
Is this Richard Heart (@RichardHeartWin, founder of HEX, PulseChain, and PulseX) selling — or hackers?
For context, Richard Heart bought 162,937 $ETH($619M) at $3,800 in… pic.twitter.com/kNdLLRofwy
— Lookonchain (@lookonchain) November 7, 2025

The new transactions followed earlier 2024 activity that on-chain analysts tied to Richard Heart, the founder of HEX, PulseChain, and PulseX, who purchased 162,937 ETH, worth about $619 million, earlier in 2024 at an average of $3,800 per ETH and deposited the full amount into Tornado Cash two days before the latest withdrawals.

Complex Wallet Transfers Resemble Layering Activity

Further research revealed a sequenced pattern of 100 ETH inflows, comprising nearly $342,000 in Tornado Cash to wallet 0x3dE…8ff1A…1000, equivalent to 800 ETH (approximately $ 2.7 million).

Over the course of five hours, the same wallet had also made a total of 3,186 ETH (worth $10.58 million), 10.54 million USD, and 0.11 ETH to wallets 0x3E4…AF44a….

Moreover, analysts noted that this payment pattern mirrored a layering process, a common technique used to separate digital assets across multiple addresses to conceal the source of funds.

SharpLink Cuts Ethereum Amid Market Drop

Adding to the report, SharpLink Gaming, a major Ethereum treasury company, has begun reducing its holdings amid market pressure. On-chain data shows the firm moved 4,364 ETH, valued at $14.47 million, to OKX following the redemption of 5,284 ETH worth $17.52 million.

The wallet currently retains 791.07 ETH ($2.65 million) and a fractional amount of LSETH, according to Arkham Intelligence. The transaction marked the only recent deposit from the company’s address. SharpLink’s market value has fallen sharply, declining 12% over the past week, following an 8% drop on Thursday.

The firm had previously purchased $78.3 million in ETH at FalconX on October 27 and invested most of its assets in Liquid Collective and Figment. The 30% drop in Ethereum prices since October, however, has hit the treasury values of institutional holders hard, as the managed net asset value at SharpLink is now 0.82.