TechFlow News, February 10: According to on-chain monitoring by Bitrace (@Bitrace_team), Huionepay collected a total of $52.4 billion in USDT throughout 2025; however, its on-chain activity nearly ceased entirely by December. Following Huionepay’s collapse, its competitors—Okpay, Fullylight Wallet, and Newpay—saw increased transaction volumes in November and December, generating over $5 billion in total revenue for 2025. Yet this amount represents only a small fraction of the volume Huionepay once processed.
Reportedly, Huionepay is a payment platform allegedly used to receive, transfer, and withdraw funds obtained through fraud. Due to its suspected money laundering activities, Huionepay has become a key regulatory target globally in efforts to combat illicit cross-border operations.
