Unveiling a Highly Active Encryption Payment Platform

Recently, a cryptocurrency payment platform named HuionePay has attracted widespread attention. The platform frequently conducts USDT transactions on the TRON network, involving a large amount of capital flow. To gain a deeper understanding of its on-chain behavior characteristics, a blockchain security company conducted a detailed analysis based on publicly available data.

Overview of Fund Flow

Data shows that the total USDT trading volume on the platform during the period from January 2024 to June 2025 is astonishing:

• Total Withdrawal Amount: 57.2 billion USDT
• Total deposit: 54.4 billion USDT

Both exceeded 50 billion USDT, indicating a continuous large amount of funds flowing on the platform. It is worth noting that the withdrawal amount has always been higher than the deposit amount, with a difference of 2.771 billion USDT, showing a clear "net capital outflow" characteristic.

Trading Activity Analysis

The trading activity of the platform presents the following characteristics:

1. Three obvious trading peaks:

   • Early July 2024: Both deposits and withdrawals exceeded 1 billion USDT
   • March and May 2025: Two withdrawals amounting to nearly or exceeding 1.1 billion USDT

2. Surge in withdrawal transaction frequency:

   • Gradually increasing from February 2024
   • Reaching its peak in mid-May 2025, with nearly 150,000 transactions in a single day.
   • Presenting "high-frequency withdrawal" characteristics

3. Deposit transactions are relatively stable:

   • Overall growth but with small fluctuations
   • The average daily number of deposits steadily increased to nearly 140,000.

User Behavior Characteristics

1. The number of active users continues to grow:

   • Increased from less than 30,000 at the beginning of 2024 to over 80,000
   • The growth rate shows a moderate trend.

2. Centralization of funds phenomenon:

   • The top three withdrawal addresses have a cumulative withdrawal amount of over 1.9 billion USDT
   • The maximum amount that can be deposited at a single address is up to 1.665 billion USDT

3. Trading Time Patterns:

   • Withdrawal transactions are concentrated between 01:00-16:00 UTC, with peak hours from 07:00-13:00.
   • Deposit operations are mainly from UTC time 03:00 to 10:00

Regulatory Attention

As the trading scale of the platform expands, international regulatory agencies are increasingly focusing on it:

• July 2024: An address related to the platform was frozen with approximately 30 million USDT.
• May 2025: The U.S. Treasury proposed to prohibit financial services to the group.
• The United Nations report indicates that the platform may be involved in a "cyber fraud industrial ecosystem".
• Several blockchain analysis companies report that the platform handles a large number of suspicious transactions.

In addition, some guarantee services related to the platform have recently announced the cessation of operations, which may be related to regulatory pressure.

Conclusion

By analyzing the USDT transactions on the TRON network for this encryption payment platform, we can see its enormous transaction scale, frequent capital flows, and complex user behavior patterns. This data provides important references for understanding its operational characteristics and also raises thoughts about its compliance. With the development of the cryptocurrency industry, regulatory issues for similar platforms may become an important topic in the future.