Huione Pay Halts Operations, Freezes Withdrawals Amid Financial Crisis

In accordance with Forklog, Cambodia's darknet platform Huione Pay has abruptly halted operations and frozen withdrawals, according to local media. Queues of investors formed outside the company's headquarters in Phnom Penh, attempting to recover assets. Huione has posted a delayed payout plan, citing a 'massive surge in withdrawal requests.' Users are offered two options: converting funds into high-yield financial products with an 18-month waiting period for full principal return, or waiting six months for proportional monthly withdrawals. Huione offices are closed until January 5, 2026. Earlier this year, the illicit online market Huione Guarantee exceeded $24 billion in turnover, becoming the world's largest illegal trading platform. In May, FinCEN added Huione to a list of money laundering entities, requiring U.S. financial institutions to sever all ties. Authorities allege that from 2021 to 2025, Huione processed $37 million stolen in North Korean cyberattacks. The company operates cryptocurrency exchanges, payment services, and a stablecoin designed to bypass sanctions, according to Elliptic. Telegram also blocked Huione Guarantee and Xinbi Guarantee channels. However, TRM Labs and Chainalysis analysts noted that sanctions have had little impact, with transaction volumes increasing in June. In November, Upbit operator Dunamu froze over 200 Huione-linked accounts suspected of money laundering.