Security agencies report that Huiwang Payment has only 990,000 USDT remaining on its blockchain and has stopped allowing users to withdraw funds.

According to Cambodian media reports, Huawang Group issued an announcement stating that due to recent changes in the external market environment, millions of users experienced a sudden run on their funds. To ensure the safety of users' funds and the smooth progress of subsequent repayments, after careful evaluation and internal research, a phased postponement of repayments has been implemented.

In response to this incident, security firm Bitrace published an article stating that Huionepay primarily operates its stablecoin payment and settlement business on the Ethereum and Tron networks. Specifically, all its Ethereum network addresses had almost exhausted their USDT balances by October, with the last valid withdrawal occurring on November 3rd, after which there were no further withdrawals. On the Tron network, the shutdown was gradual. On November 3rd, 7th, 17th, 19th, and 24th, Huionepay consolidated its hot wallet balances into at least a few addresses for user withdrawals. These funds were exhausted around the 28th, after which new addresses were urgently activated to consolidate user funds and maintain operations. On-chain analysis shows that Huionepay's daily USDT outflows 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 shows that after Huionepay processed its last user withdrawal request at 13:00 UTC+8 on December 1st, it completely stopped small-amount withdrawals. Although the fund aggregation activity for user addresses is still ongoing, funds are no longer flowing to ordinary user addresses, but rather being transferred out in large amounts. As of December 2nd, 2025, only 990,000 USDT remained in the HuionePay on-chain address. This also means that the entity did indeed cease operations on December 1st, consistent with the statement announced by Huione Group.