#ETH巨鲸增持 Huionepay has really collapsed this time.

At 1 PM on December 1, the withdrawal channel was directly shut down. There are only 990,000 USDT left at the on-chain address to keep up appearances—which, compared to the previous scale, basically equals a declaration of bankruptcy. The official team did release a rather formal announcement about a "temporary delay in payments," blaming a worsening market environment and a resulting bank run.

But the numbers don't lie. The daily USDT outflow has plummeted from 41.83 million at the beginning of the month to just 7.17 million. Things are even worse on the Ethereum network, which was already drained dry by early November. This collapse was actually foreseeable: UK and US regulators jointly sanctioned Taizi Group and Huiwang Group, and several key business addresses were flagged as high risk. As soon as users sensed something was wrong, panic spread instantly and the bank run happened almost immediately.

Looking back now, the platform’s liquidity pool was never capable of handling withdrawals on this scale. The so-called "delayed payment plan" is more like a fig leaf to stall for time.