As reported by Cambodian media, Huionepay announced that, triggered by recent adverse changes in the external market environment, millions of users triggered a massive run within a short timeframe. To safeguard user funds and ensure an orderly redemption process going forward, the platform has decided, after careful assessment, to temporarily suspend/delay withdrawals and payouts in phases.

Based on our knowledge of Huione Group's addresses, Bitrace conducted an audit of its on-chain business addresses to verify the authenticity of the reported bank run and disclose relevant data.

Huionepay started scaling back its operations in early November.

Huionepay primarily handles its stablecoin payment and settlement business on the Ethereum and TRON (TRX) networks, wherein—

All Ethereum network business addresses had exhausted nearly all USDT balances by October, with the final significant outflow recorded on November 3; no further withdrawal or redemption activities have been observed since.

On the TRON network, the business shutdown was carried out progressively.

On November 3, 7, 17, 19, and 24, Huione Pay gradually consolidated the balances from its hot wallet addresses into a small number of addresses to facilitate user withdrawals. These funds were fully depleted around November 28, after which the platform urgently activated new addresses and began pooling funds from user deposit addresses to sustain operations.

On-chain analysis shows that Huione Pay’s daily USDT outflow has dropped dramatically from a peak of 41.83 million USDT at the beginning of the month to only 7.17 million USDT on November 30.

Huione Pay has completely halted user withdrawals

Further on-chain analysis of the new addresses activated on November 28 reveals that —

All funds in this cluster of addresses originated from Huione Pay user deposit addresses. This represents a consolidation of remaining user funds, conducted specifically to meet pending user withdrawal requests.

On-chain analysis shows that after processing the last user withdrawal request at 13:00 UTC+8 on December 1, Huione Pay completely ceased all small-amount withdrawals.

Although the consolidation of funds from user deposit addresses continued, these funds were no longer transferred to ordinary user addresses. Instead, they were moved out in large transfers. As of December 2, 2025, the total USDT balance across all Huione Pay on-chain addresses has dropped to only 990,000 USDT.This entity did indeed cease operations on December 1, which is fully consistent with the statement in Huione Group’s official announcement.

Beware of Crypto Fund Threats from Sanctioned Entities

The direct trigger of this incident was the earlier joint statement by the United Kingdom and the United States imposing sanctions on the Prince Group and the closely associated Huione Group. Multiple core business addresses of the latter have since been flagged as sanctioned-risk addresses. Major cryptocurrency trading platforms have successively announced that they will impose risk controls on funds originating from Huione Group. Panicked users rushing to withdraw rapidly depleted the group’s reserve funds.

Bitrace, a technology company specializing in blockchain risk monitoring and compliance solutions, has long been identifying and monitoring on-chain criminal risks including sanctioned entities, online gambling, money laundering, dark-pool/gray-market transactions, and fraud. We provide on-chain fund tracing and Anti-Money Laundering (AML) compliance solutions to financial institutions, exchanges, payment companies, and regulatory/law-enforcement agencies.

Crypto enterprise risk control personnel are welcome to contact us for professional compliance consultation and services.

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