Security Agency: Only 990,000 USDT remains on Huibang Payment, user withdrawals have been suspended
According to Cambodian media, Huionepay Group announced that due to recent changes in the external market environment, there has been a concentrated run on funds by millions of users in a short period. To ensure the safety of user funds and the smooth progress of subsequent payment processes, a phased delay in payment arrangements has been implemented after careful assessment and internal research.In response to this matter, the security agency Bitrace stated that Huionepay primarily operates its stablecoin payment business on the Ethereum and Tron networks. Among them, all business addresses on the Ethereum network had almost exhausted their USDT balances by October, with the last effective transfer occurring on November 3, after which there were no related withdrawal activities; on the Tron network, the business shutdown was gradual. On the 3rd, 7th, 17th, 19th, and 24th of that month, Huionepay gradually consolidated the balances of hot wallet addresses into at least a few addresses for user withdrawals. This fund was exhausted around the 28th, after which new addresses were urgently activated to consolidate user address funds to maintain operations.On-chain analysis shows that the daily USDT outflow from Huionepay has decreased 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 Huionepay processed the last user withdrawal request on December 1 at 13:00 UTC+8, it completely stopped small withdrawals. Although the activity of consolidating user address funds is still ongoing, the funds are no longer flowing to ordinary user addresses but are being transferred out in large amounts. As of December 2, 2025, Huionepay's on-chain addresses had only 990,000 USDT remaining. This also means that the entity indeed ceased operations on December 1, consistent with the announcement made by Huione Group.
