Huione Pay приостановил операции, оставив вкладчиков в неопределенности Translation: Huione Pay Suspends Operations, Leaving Investors in Uncertainty

The payment division of the Cambodian conglomerate Huione Group, known as Huione Pay, has abruptly ceased operations and frozen withdrawals. This was reported by local media.

Lines of investors have formed outside the company’s headquarters in Phnom Penh, as they seek to reclaim their assets.

A notice on the office door outlines a schedule for deferred payments from Huione, indicating that the service has been overwhelmed by a «massive influx of withdrawal requests.» Consequently, the platform has implemented a special timetable.

Users have the following options:

Huione’s offices have been closed since December 1 and will reopen only on January 5 of the following year.

Earlier this year, the fraudulent online marketplace Huione Guarantee surpassed a turnover of over $24 billion, becoming the largest illegal trading platform in the world.

In May, the U.S. Financial Crimes Enforcement Network (FinCEN) included Huione in its list of financial entities involved in money laundering, demanding that American financial institutions sever all ties with the platform and prohibiting them from opening or maintaining correspondent accounts for the Cambodian group.

Law enforcement authorities assert that from 2021 to 2025, Huione processed $37 million that was stolen during cyberattacks orchestrated by North Korea. The company operates cryptocurrency exchanges, payment services, and its own stablecoin, which, according to Elliptic, was created to circumvent sanctions.

Telegram has also joined the fight against criminals by blocking the channels of Huione Guarantee and Xinbi Guarantee. However, TRM Labs deemed this action ineffective.

Analysts from Chainalysis concluded that the imposed sanctions did not significantly impact the company’s operations. In June, experts noted that transaction volumes not only remained steady but even increased.

In November, Dunamu, the operator of the cryptocurrency exchange Upbit, announced a freeze on over 200 accounts linked to Huione, which were suspected of using cryptocurrency for money laundering.

Recall that in July, the darknet marketplace Abacus Market was suspected of an exit scam totaling $12 million.