#ETH走势分析 Huionepay(Huionepay)really can’t hold on anymore this time.

At 1 PM on December 1st, the withdrawal function was directly shut down. There’s only 990,000 USDT lying in the on-chain wallet now—for a payment platform, this balance basically means a declaration of death.

The official statement called it a “phased delay in redemption,” which sounds decent, but the data has already exposed everything: daily USDT outflows plummeted from 41.83 million at the beginning of the month to 7.17 million, a drop of over 80%. On the Ethereum network? There’s barely been any activity since early November.

The cause isn’t complicated. The UK and US jointly sanctioned Prince Group and Huionepay Group, and several core addresses were directly flagged as high-risk. Once users saw the warning signs, they immediately started a run on withdrawals. The platform’s liquidity pool simply couldn’t withstand the shock.

Looking back now, the so-called “market deterioration” was just an excuse. The real issue is—when regulatory crackdowns hit, no matter how well you manage liquidity, it’s useless. This is the fundamental flaw of centralized payment platforms.