TechFlow, Dec 3 — According to Bitrace blockchain data analysis, Huionepay ceased all user withdrawal services at 13:00 on December 1 (UTC+8). Currently, only 990,000 USDT remain in its on-chain addresses. Previously, Huionepay Group announced that due to market conditions causing a concentrated user bank run, it would implement "phased delayed payments." Blockchain data shows that Huionepay's daily USDT outflow dropped sharply from 41.83 million at the beginning of the month to 7.17 million. Its Ethereum network operations had already exhausted funds in early November. Analysis suggests that joint sanctions by the U.S. and U.K. against Crown Group and Huionepay Group were the direct trigger, leading to multiple core operational addresses being flagged as high-risk and sparking panic-driven withdrawals.
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