Bitrace: Omnipay Chain now has only 990,000 USDT left on-chain and has suspended user withdrawals
BlockBeats News, December 3rd, according to Cambodian media, Huione Group issued an announcement stating that due to recent changes in the external market environment, millions of users concentrated on redemption in a short period of time, in order to ensure the security of user funds and the orderly progress of subsequent redemptions, after careful assessment and internal research, a phased redemption delay arrangement has been implemented.
In response to this matter, security firm Bitrace analyzed and stated that Huionepay mainly operates its stablecoin payment business on the Ethereum network and the Tron network, where—all Ethereum network business addresses had depleted almost all USDT balances in October, with the last valid withdrawal occurring on November 3rd, and no further related withdrawal activity since then; on the Tron network, the business suspension was carried out progressively. On the 3rd, 7th, 17th, 19th, and 24th of the month, Huionepay gradually consolidated the balances of hot wallet addresses to a few addresses for user withdrawals, with this fund being depleted around the 28th, followed by the urgent activation of new addresses to consolidate user funds addresses to maintain operations. On-chain analysis shows that Huionepay's daily USDT withdrawal amount has decreased from a high of 41.83 million at the beginning of the month to 7.17 million on the 30th.
Currently, on-chain analysis shows that at 1 p.m. UTC+8 on December 1st, after processing the last user withdrawal request, Huionepay completely stopped small withdrawals. Although the consolidation of user funds addresses is still ongoing, the funds are no longer flowing to ordinary user addresses but are being transferred in large amounts. As of December 2, 2025, Huionepay's on-chain address has only 990,000 USDT left. This also means that the entity did indeed cease operations on December 1st, consistent with the announcement from Huionepay Group.
