Huione Pay, the core entity of the U.S.-sanctioned Huione group, froze withdrawals and suspended operations for over a month following a surge of withdrawals that triggered a bank run and user panic. U.S. authorities and regulators have accused the group of facilitating money laundering and crypto scams; FinCEN cut ties and Cambodia’s central bank revoked Huione Pay’s license. Prior Elliptic investigations found Huione Pay and its Telegram marketplace processed up to $98 billion in illicit crypto flows, and exchange Upbit closed more than 200 accounts linked to Huione. The company has begun rebranding Huione Pay as H-Pay amid a reported relaunch attempt.

Huione froze withdrawals and suspended operations after a bank run; FinCEN cut ties and Cambodia’s central bank revoked its license; Elliptic reported up to $98 billion in illicit crypto flows linked to Huione; Upbit closed >200 accounts tied to the group. These are concrete regulatory and operational failures that reduce trust and pose downside risk.