Written by: Bitrace
According to Cambodian media, Huionepay announced that due to recent changes in the external market environment, a large number of users have concentrated on withdrawals in a short period of time. To ensure the safety of user funds and the smooth progress of subsequent payment processes, after careful assessment and internal research, a phased delay in payment arrangements will be implemented.
Based on the understanding of Huione Group's address, Bitrace attempted to audit its on-chain business addresses to determine the authenticity of the withdrawals and provide data disclosure.
Huionepay began to scale back operations in early November
Huionepay primarily operates its stablecoin payment business on the Ethereum and Tron networks, where—
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 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 Huionepay's daily USDT outflow has decreased from a peak of 41.83 million at the beginning of the month to 7.17 million on the 30th.
User withdrawals from Huionepay have completely stopped
Further on-chain data analysis of the newly activated addresses on the 28th—
All funds in this group of addresses come from Huionepay user addresses, representing a consolidation of funds retained for user addresses, aimed at responding to user withdrawal requests.
On-chain analysis shows that after Huionepay processed the last user withdrawal request on December 1 at 13:00 UTC+8, small withdrawals completely stopped. 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 address had only 990,000 USDT remaining.
The entity indeed ceased operations on December 1, consistent with the announcement made by Huione Group.
Beware of the threat of crypto funds from sanctioned entities
The direct trigger for this incident was the earlier joint statement from the UK and the US, which imposed sanctions on the Prince Group and Huione Group, with several core business addresses of the latter marked as having sanction risks. Major cryptocurrency exchanges have also announced that they will implement risk control on funds from Huione Group, leading to a panic-driven exodus of users that quickly depleted the latter's reserve funds.
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