BlockBeats News, December 3rd, according to Cambodian media, Huionepay Group announced that due to recent changes in the external market environment, millions of users concentrated on withdrawing funds in a short period of time, to ensure the security of user funds and the smooth progress of subsequent payments, after careful evaluation and internal research, a phased delayed payment arrangement was implemented.
In response to this incident, the security institution Bitrace stated that Huionepay mainly operates its stablecoin payment business on the Ethereum network and the Tron network, where — all Ethereum network business addresses had depleted almost all USDT balances in October, with the last valid withdrawal occurring on November 3rd, and no further related withdrawal activities since then; on the Tron network, the business shutdown was carried out progressively. On the 3rd, 7th, 17th, 19th, and 24th of that month, Huionepay gradually consolidated the balances of hot wallet addresses to a few addresses for user withdrawals, and this fund was depleted around the 28th, subsequently urgently activating new addresses to consolidate user address funds to maintain operations. On-chain analysis shows that Huionepay’s daily USDT withdrawals have 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 on December 1st at 13:00 UTC+8, after Huionepay processed the last user withdrawal request, small withdrawals were completely stopped. Although the fund consolidation activity for user addresses is still ongoing, the funds are no longer flowing to normal user addresses but to large withdrawals, and as of December 2nd, 2025, there were only 990,000 USDT left in HuionePay’s on-chain addresses. This also means that the entity did indeed cease operations on December 1st, aligning with Huione Group’s announcement.
