Huiwang 'Cambodia Alipay', dead on December 1

Today's USDT price 6.94

The rapid decline of Usdt, I guess, is related to Huiwang! After all, it's the largest money laundering channel in Southeast Asia.

At the entrance of Huiwang headquarters on Sihanouk Boulevard in Phnom Penh, the door is tightly locked, and a notice of 'Withdrawal Suspension Announcement' is posted on the glass door. Hundreds of Chinese depositors look ashen in the humid morning breeze.

This financial totem once hailed as 'Cambodia Alipay' has had its heartbeat stop overnight.

On October 14, 2025, the U.S. Department of Justice announced the seizure of $15 billion in cryptocurrency assets from the Prince Group. The Prince Group is not only Huiwang's largest client but also the source of the entire underground economy's liquidity. Following that, Tether cooperated with OFAC to freeze related addresses, and the USDT, once trusted by the black market, instantly turned into 'dead money'.

No matter how sophisticated the connections or how quickly they change identities, they cannot stop the dimensionality reduction strike of U.S. long-arm jurisdiction.

With Huiwang's collapse, hundreds of thousands of Chinese people, countless cash exchangers, and score runners have been hunted down by card cuts.

This is not just the collapse of a single enterprise but a collective funeral for a generation of 'grassroots going overseas' in China's internet.

An era of wild fantasies has come to an end. $bnb