Huione Pay, which is active in Southeast Asia and on the Internet, has stopped redeeming user funds since December 1, 2025. In fact, Huione Pay had exhausted the funds on the Ethereum chain as early as October, and its effective redemption funds were last transferred out on November 3, and there has been no redemption since.
Huiwang Guarantee is a business of the Cambodian Huiwang Group. Earlier this year, the Cambodian government had withdrawn the payment license of Huiwang Guarantee. From then on, Huiwang Guarantee was nominally operating illegally until the earlier US-UK joint statement brought a fatal blow.
Earlier, the United Kingdom and the United States announced that the Prince Group was related to Internet fraud and gambling. Subsequently, the United Kingdom and the United States imposed sanctions on the Prince Group and wanted its executives. Huiwang Group itself has a relationship with the Prince Group and was therefore also subject to sanctions (black and gray assets are basically guaranteed transactions or money laundering through Huiwang).
After being sanctioned, multiple trading addresses guaranteed by Huiwang were frozen by mainstream cryptocurrency exchanges, which means that these exchanges can no longer conduct transactions with the wallet addresses guaranteed by Huiwang. Otherwise, it is a violation of sanctions and may cause more serious consequences.
These problems led to panic runs among the user base of Huiwang Guarantee, and the payment of massive funds caused Huiwang Guarantee's on-chain funds to continue to be depleted until 13:00 on December 1, when Huiwang Guarantee processed the last user withdrawal and completely stopped small withdrawals.
At present, Huiwang Guarantee is still collecting funds from user addresses to hot wallets, but does not provide redemption services to users. This has led to many users holding large amounts of funds to come directly to ask for debt offline. However, at this time, Huiwang Guarantee has posted an announcement to postpone redemption.
According to the announcement, Huiwang Guarantee requires customers to subscribe for 18-month high-yield financial products starting from December 1, with an annualized rate of return of 18%. After purchase, the monthly interest on the financial products can be withdrawn, and the principal must be paid in full after 18 months.
If the customer is unwilling to purchase financial management, they can withdraw 6% of the account funds every month starting from June 2026, and the remaining funds in the account can be withdrawn starting from May 2027. The monthly withdrawal limit cannot be accumulated. If the customer forgets to withdraw cash, the limit will become invalid.
This situation is somewhat similar to the deferred redemption of P2P in the past. There are also risks in converting to high-yield financial products at this time. After all, the longer it is delayed, the greater the risk that Huiwang will be completely devastated, so whether it can eventually be redeemed is still unknown.