Odaily Planet Daily reports that, according to Cambodian media, Huiwang Group has issued an announcement stating that recent changes in the external market environment have led to a concentrated withdrawal of funds by millions of users in a short period. To ensure the security of user funds and the smooth progress of subsequent payments, after careful assessment and internal review, they have implemented a phased delay in payments.
In response to this matter, security firm Bitrace posted that Huionepay mainly operates its stablecoin payment and receipt business on the Ethereum and TRON networks. Specifically, all Ethereum network business addresses had already depleted nearly all of their USDT balances by October, with the last valid transfer occurring on November 3, after which there were no further withdrawal activities. On the TRON network, the business shutdown was gradual. On the 3rd, 7th, 17th, 19th, and 24th of the month, Huionepay consolidated the balances from hot wallet addresses into a few addresses for user withdrawals, and these funds were exhausted around the 28th. Subsequently, new addresses were urgently activated to collect user funds in order to maintain operations.
On-chain analysis shows that Huionepay’s daily USDT outflow dropped from a peak of 41.83 million at the beginning of the month to 7.17 million on the 30th. Currently, on-chain analysis indicates that after processing the last user withdrawal request at 13:00 UTC+8 on December 1, Huionepay completely stopped small withdrawals. Although fund consolidation from user addresses is still ongoing, the funds are no longer being sent to ordinary user addresses but are instead being withdrawn in large sums. As of December 2, 2025, the HuionePay on-chain address has only 990,000 USDT remaining. This also means that the entity did indeed cease operations on December 1, consistent with the statement made in the Huione Group announcement.
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