Hundreds of thousands of users rush for withdrawals, on-chain data of a certain payment platform exposed: Only 990,000 USDT remaining

[Bitpush] Huiwang Group recently issued an announcement stating that due to a sudden change in the market environment and a concentrated run on withdrawals by millions of users in a short period of time, they have decided to suspend redemptions—which sounds like they’re having some liquidity issues.

Interestingly, some security teams dug into their on-chain data. Huionepay mainly runs its stablecoin payment business on Ethereum and Tron. But on the Ethereum side, their USDT balance was almost completely drained as early as October, with the last valid transfer made on November 3, and nothing happened after that.

On Tron, they managed to hold out a bit longer. Throughout November, they consolidated funds from their hot wallets into several addresses in multiple batches specifically for user withdrawals—there were major movements on the 3rd, 7th, 17th, 19th, and 24th. By around the 28th, those funds were also nearly depleted. They then urgently activated new addresses to continue consolidating user funds and keep things afloat. The data is clear: daily USDT outflows plummeted from 41.83 million at the start of the month to 7.17 million on the 30th.

More importantly, after processing the last small withdrawal at 1:00 pm on December 1, Huionepay completely stopped ordinary user withdrawal operations. While aggregation of funds from user addresses continued, the money no longer flowed to regular users but was instead transferred in large amounts to unknown addresses. As of December 2, there was only 990,000 USDT left in their on-chain addresses—basically wiped out.

So, the “temporary suspension of redemptions” mentioned in the announcement might not just be an excuse; on-chain data clearly shows they stopped normal operations starting December 1. For those who know, this move says it all.