Bitrace: Only 990,000 USDT remain on the Huiwang Pay chain, and user withdrawals have been halted.

On December 3, according to Cambodian media, Huione Group issued an announcement stating that due to recent changes in the external market environment, there was a concentrated run by millions of users in a short period, which affected the security of user funds and the orderly progress of subsequent payouts. After careful evaluation and internal research, they decided to implement a phased delay in payments. In response, security agency Bitrace published an analysis, stating that Huionepay mainly operates its stablecoin payment business on the Ethereum and TRON networks. All Ethereum network business addresses had already depleted nearly all USDT balances by October, with the last valid outgoing transaction occurring on November 3; since then, there have been no related withdrawal activities. On the TRON network, the shutdown of business operations was gradual. On the 3rd, 7th, 17th, 19th, and 24th of the same month, Huionepay transferred hot wallet balances in batches to several addresses for user withdrawals, with these funds being depleted around the 28th. Subsequently, new addresses were urgently activated to consolidate user funds for continued operations. On-chain analysis shows that Huionepay’s daily USDT outflows dropped from a peak of 41.83 million at the beginning of the month to 7.17 million on the 30th. Currently, on-chain data indicates that after Huionepay processed its last user withdrawal request at 13:00 (UTC+8) on December 1, all small withdrawals were completely halted. Although the consolidation of user address funds continues, the funds are no longer flowing to regular user addresses, but rather being transferred out in large amounts. As of December 2, 2025, HuionePay’s on-chain addresses held only 990,000 USDT. This also indicates that the entity did indeed cease operations on December 1, consistent with the statement in the Huione Group announcement.