TL;DR
- Wallets linked to ProveX moved large amounts of ETH through Tornado Cash during the final phase of the project’s deposit program for token allocation.
- A massive withdrawal from Tornado Cash was initially split into multiple 100 ETH transactions before consolidating into a single wallet, which received a total of 128,808 ETH.
- ProveX follows the model of HEX and PulseX: the platform also plans to launch a perpetual futures exchange with on-chain proofs.
Researchers detected that wallets associated with Richard Heart’s ProveX project received and moved large amounts of ETH through Tornado Cash. These operations occurred during the final days of the project’s deposit program, which allows users to send ETH to public addresses in exchange for future tokens.
On-chain analysis showed an unusually large withdrawal from Tornado Cash, initially split into multiple 100 ETH transactions before reaching a single wallet linked to ProveX. In total, records indicate that the wallet received 128,808 ETH. Analysts connected these movements to previous deposits by Heart, which included 112,987 ETH sent to the mixer in November 2025.
What’s Behind the Tornado Cash Transactions?
ProveX uses a model similar to Heart’s previous projects, such as HEX and PulseX, where participants send ETH to designated addresses to receive token allocations later. This deposit process is part of the final phase of the project, which will determine the distribution of new tokens once the platform officially launches.
The surge in Tornado Cash activity coincided with the final days of the ProveX program, allowing analysts to observe how large amounts of ETH were moved in a way that makes tracing the source difficult. Data suggests that part of the ETH comes from Heart and from other prior users, although the mixer prevents individual transactions from being identified with absolute certainty.
ProveX to Launch a Perpetual Futures Exchange
ProveX also plans to launch a perpetual futures exchange that will operate using on-chain proofs. The project is in the final stage of its deposit program, and token allocations will be determined based on contributions made during this phase. So far, the exact token launch date has not been released, and operational details of the platform have not been confirmed
