HuionePay USDT on‑chain flows top $55 billion, SlowMist flags illicit

HuionePay moved more than $55 billion in USDT on the TRON network from Jan 1 2024 to Jun 23 2025, with withdrawals outpacing deposits by roughly $2.8 billion, prompting heightened regulatory scrutiny over its role in illicit finance [2].

Scale of fund flows and user growth

SlowMist’s MistTrack AML tool mapped every USDT deposit and withdrawal on TRON linked to HuionePay. Withdrawals totaled 57.25 billion USDT, exceeding deposits of 54.48 billion USDT, indicating a net capital outflow of 2.77 billion USDT [2]. The platform’s activity peaked in March and May 2025, when single‑day withdrawal volumes approached or surpassed 1.1 billion USDT, and a record 150,000 withdrawal transactions were recorded on May 12 2025 [1][2]. Deposit activity, while steadier, reached nearly 140,000 daily transactions, showing sustained user engagement.

The number of active deposit addresses grew from under 30,000 in early 2024 to over 80,000 by mid‑2025, a near‑tripling that signals expanding user participation despite regulatory pressure [1][2].

Concentration of funds and regulatory actions

MistTrack identified three withdrawal addresses that alone accounted for more than 1.9 billion USDT—$816 million, $580 million, and $512 million respectively—suggesting a high degree of capital concentration [2]. The largest deposit address moved 1.665 billion USDT, outstripping the biggest withdrawal address by 1.3 times [2].

Regulators have already taken action. In July 2024, Tether froze 29.62 million USDT in a HuionePay address after linking it to thefts from exchanges such as DMM and Poloniex, representing roughly 75 % of the platform’s reserves at that time [1]. In May 2025, the U.S. Treasury’s FinCEN proposed barring U.S. banks from providing correspondent accounts to the Cambodia‑based Huione Group, with Treasury Secretary Yellen labeling the platform a “preferred marketplace for cybercriminals” [2]. The UNODC later described Huione Guarantee—a sister service—as part of Southeast Asia’s “industrialized scam ecosystem,” having processed $24 billion in crypto to date [2].

What to watch

• Withdrawal address activity – Monitor the three top withdrawal addresses (TWS84SZ2…, T9yFi9…, TTSSC4…) for sudden spikes or transfers to exchanges.
• Regulatory developments – Track the outcome of FinCEN’s proposed ban and any further Tether freezes, which could pressure HuionePay’s liquidity.
• User address growth – Watch the rate of new deposit address creation; a slowdown may signal reduced platform attractiveness amid enforcement actions.

The scale of HuionePay’s USDT flows underscores how a single on‑chain payment hub can become a conduit for large‑scale illicit finance, while the concentration of funds and mounting regulatory pressure suggest that future on‑chain monitoring and enforcement will be pivotal in curbing such activity.