As the global crackdown on online fraud, underground payment networks, and illegal cross-border money laundering activities intensifies, a platform named HuionePay has attracted significant regulatory attention.
Author: Lisa
Editor: Liz
Data Statistics: SlowMist AML Team
As the global crackdown on online fraud, underground payment networks, and illegal cross-border money laundering activities intensifies, a platform named HuionePay has attracted significant regulatory attention. The platform is suspected of being used for the reception, transfer, and withdrawal of fraudulent funds, particularly through frequent on-chain operations using USDT on the TRON chain.
To further reveal its on-chain behavioral characteristics, SlowMist has constructed a Dune data statistics panel based on its on-chain anti-money laundering and tracking tool, MistTrack, and publicly available on-chain data, and has conducted an in-depth analysis of HuionePay's USDT deposit and withdrawal activities on the TRON chain.
Note: The data time range for this article is from January 1, 2024, to June 23, 2025, with data sourced from the statistics panel created by SlowMist: https://dune.com/misttrack/huionepay-data.
On-Chain Fund Flow
Total Deposit and Withdrawal Amounts for HuionePay (Sum)
Total Withdrawals: 57,246,854,379 USDT
Total Deposits: 54,475,887,524 USDT
Both deposit and withdrawal amounts exceed 50 billion USDT, indicating that HuionePay has consistently experienced significant inflows and outflows of funds over the past year and a half, with withdrawal amounts always surpassing deposit amounts, resulting in a notable net outflow of 2.771 billion USDT.
Weekly Fund Trends (Value Stats)
The chart data shows that fund flows on the HuionePay platform remain active, with peaks occurring at the following three time points:
July 8, 2024: A significant peak was first observed, with both deposits and withdrawals exceeding 1 billion USDT.
March and May 2025: Two instances of withdrawal amounts approaching or exceeding 1.1 billion USDT.
Deposit/Withdrawal Transaction Counts (Tx Count)
Data shows that the number of withdrawal transactions has been steadily increasing since February 2024, peaking on May 12, 2025, with nearly 150,000 transactions in a single day, indicating a "high-frequency withdrawal" characteristic.
In contrast, while the number of deposit transactions has also increased overall, it has shown less volatility, with deposit counts steadily growing to nearly 140,000 transactions per day, indicating that overall user activity has not significantly declined.
Additionally, the peaks in withdrawal amounts in March and May 2025 coincided with a simultaneous increase in transaction counts, with the two peaks nearly overlapping.
User Behavior
Deposit and Withdrawal User Counts (Users)
Since the beginning of 2024, the number of active deposit addresses for HuionePay on the TRON chain has grown from less than 30,000 to over 80,000, showing a stable growth trend. It should be noted that the chart data is deduplicated by address, meaning that deposit addresses can roughly be viewed as user counts, while withdrawal addresses may be user-defined receiving addresses and cannot be equated to actual users. The continuous growth in the number of deposit addresses indicates that the platform is still attracting new users, although the growth rate has shown signs of slowing.
Active Addresses
Top 3 Withdrawal Addresses
Using the on-chain anti-money laundering and tracking tool MistTrack for analysis, the withdrawal behavior on the HuionePay platform exhibits a certain degree of "fund concentration." The top three withdrawal addresses are as follows:
Address 1 — TWS84SZ2GE2EgyZDCrfVuEJXpoXYuBxteS — 816 million USDT
Address 2 — T9yFi9yxwBUjMbHwBFKDdwFdBwvzUAqBfR — 580 million USDT
Address 3 — TTSSC4TEYtQMAMURND6i1FPYaaBJMGY4ed — 512 million USDT
The earliest transactions for the above addresses can be traced back to 2023, indicating long-term activity and rich on-chain traces.
Address 1 not only withdraws from multiple HuionePay hot wallets but also interacts with addresses marked by MistTrack as "OFAC Sanctions," "Theft," and "BingX Exploiter":
Address 2 is suspected to be a wallet address controlled by Haowang Guarantee (formerly Huione Guarantee) platform.
Address 3 interacts with multiple trading platforms:
Top 3 Deposit Addresses
Address 4 — TL8TBpubVzBr1UWPXBXU8Pci5ZAip9SwEf — 1.665 billion USDT
Address 5 — TPEpdLYtHr8cN1Jbwf6CGNB9Ppho7L2otr — 449 million USDT
Address 6 — TM1zzNDZD2DPASbKcgdVoTYhfmYgtfwx9R — 436 million USDT
Among these, Address 4 has deposits totaling 1.6 billion USDT, which is 1.3 times the highest withdrawal amount address, with the earliest transaction traceable to 2022, suspected to be a wallet address controlled by Haowang Guarantee (formerly Huione Guarantee) platform. Additionally, Addresses 5 and 6 are suspected to be hot wallet addresses of a certain platform.
Active Times
We randomly selected 10 ordinary addresses that made deposits and withdrawals on HuionePay and compiled their operation times (UTC) as shown in the following charts:
The withdrawal transactions of the selected addresses are mainly concentrated between UTC 01:00 – 16:00, with a high-frequency period from 07:00 – 13:00. Some addresses, such as TUXsppberDuVqQmNN5mnxg4pJ3HU9YtCEw, experienced a surge in transactions between 02:00 – 03:00. Certain withdrawal addresses had almost no transactions from 15:00 to the next day at 00:00.
The deposit operations of the selected addresses are mainly concentrated between UTC 03:00 – 10:00, partially overlapping with the active periods of withdrawal addresses. Among them, deposit addresses TRAA9R9151eE522crrxQgQTr9WGVRubmou and TEdVW72PWcJ9Fwmw3w9uSBTLK6rjRUM1GJ exhibited stable fund inflow behavior from 03:00 – 09:00.
International Regulatory Dynamics Supplement
A recent series of international regulatory and law enforcement developments have intensified attention on HuionePay:
On July 14, 2024, Bitrace stated that Tether froze the address TNVaKW related to Huione, with an amount of up to 29.62 million USDT. This address is suspected to be a wallet for collateral-related operations.
On May 2, 2025, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed to prohibit U.S. financial institutions from providing agency account services to Huione Group, headquartered in Cambodia. The U.S. Treasury Secretary described Huione as the "preferred market for cybercriminals," involving platforms such as Huione Pay, Huione Crypto, and Haowang Guarantee.
On May 8, 2025, the United Nations Office on Drugs and Crime (UNODC) noted in its report that Huione Guarantee has become part of Southeast Asia's "industrialized ecosystem of online fraud," with its platform receiving over 24 billion dollars in cryptocurrency.
On May 14, 2025, Elliptic reported that Telegram banned thousands of cryptocurrency crime channels related to "Xinbi Guarantee," with the platform processing over 8.4 billion dollars in suspicious transactions, ranking alongside Huione Group as the largest cryptocurrency black market.
On May 15, 2025, Haowang Guarantee (formerly Huione Guarantee) announced on its official website that it would officially cease operations due to being blocked by Telegram.
Final Thoughts
The fund flow, transaction frequency, and active addresses of HuionePay on the TRON chain provide foundational data support for further understanding its on-chain activities.
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