Huione Pay's On-Chain USDT Reserves "Depleted," All User Withdrawals Now Fully Suspended

According to multiple media sources, Cambodian payment institution "Huione Pay" has recently fallen into a major liquidity crisis.

Reports from various media indicate that the company’s officially declared "on-chain reserve pool" has seen a sharp decline in total assets, now far below the scale of user assets it should be holding. The company has also publicly announced the suspension of all user withdrawal services.

The exposure of this crisis stems from the public transparency of on-chain data. Blockchain data shows that the total assets in Huione Pay's disclosed wallet addresses have continued to drop significantly, which is highly inconsistent with the user funds reserves a payment platform should maintain. This has led to widespread market suspicion of serious fund misappropriation or shortfall.

Facing a surge in user withdrawal requests, Huione Pay ultimately issued an announcement at the beginning of this month, citing reasons like "system upgrades" or "fund channel maintenance" to suspend all withdrawals, resulting in a large amount of user funds being frozen.

According to reports, Huione Pay belongs to the "Huione Group," whose business also includes the Huione Guarantee service. This service, which has been widely used in Southeast Asia for fraudulent activities in recent years, has previously been warned about by regulators in several countries. This incident has once again drawn close attention from global regulatory authorities.

Currently, the National Bank of Cambodia (NBC) has revoked its operating license. Since Huione Pay's business scope was limited to currency exchange and remittance, it was theoretically not allowed to engage in deposit-taking or asset management for customers.

Therefore, the company's introduction of "payment wallet" and "on-chain reserve" models has exceeded its licensed business scope and is suspected of illegal money laundering activities. This out-of-scope business behavior is a key focus of regulatory investigations.

In summary, the Huione Pay incident is a typical case of potential financial risk exposed by the transparency of on-chain data. It not only challenges the market perception that "licensed means trustworthy," but also fundamentally tests the "on-chain transparency" model.

The eventual outcome and resolution of this incident will serve as a direct touchstone for the effectiveness of the relevant regulatory system and the involved institution’s willingness and ability to make creditors whole.

#汇旺支付 # liquidity crisis