In-Depth Analysis: The Huge Flow of Funds Hidden on-Chain

Recently, a platform named Huiwang Pay has attracted widespread attention due to its potential involvement in illegal fund activities. The platform has been frequently operating with USDT on the TRON chain, triggering high alert from regulatory agencies. In order to reveal its on-chain behavioral characteristics, a professional team conducted an in-depth analysis based on public data.

Overview of Capital Flow

From January 2024 to June 2025, the capital flow on the Huiwang payment platform shows the following characteristics:

• Total withdrawal amount: 57.2 billion USDT
• Total Deposit: 54.4 billion USDT

This indicates that there is a large amount of funds flowing in and out of the platform, with withdrawal amounts consistently exceeding deposit amounts, resulting in a net outflow of 2.771 billion USDT.

Periodic Capital Flow

Capital flows showed significant peaks at the following time points:

• Early July 2024: Both deposits and withdrawals exceeded 1 billion USDT
• March and May 2025: Withdrawal amounts nearly or exceed 1.1 billion USDT twice.

Transaction Frequency Analysis

Starting from February 2024, the number of withdrawal transactions shows a stepwise increase, approaching 150,000 transactions per day in mid-May 2025, exhibiting characteristics of "high-frequency withdrawals." In contrast, deposit transactions fluctuate less but also steadily grow to nearly 140,000 transactions per day.

User Behavior Insights

The number of active deposit addresses on the platform has increased from less than 30,000 at the beginning of 2024 to over 80,000, indicating a continuous expansion of the user base, although the growth rate has slowed.

Key Focus Address

Withdrawal Address Top 3

1. Address 1: Cumulative withdrawals of 816 million USDT, with interactions with multiple high-risk addresses.
2. Address 2: Withdraw 580 million USDT, suspected to be controlled by a certain guarantee platform.
3. Address 3: Withdraw 512 million USDT, with interactions with multiple trading platforms.

Deposit Address Top 3

1. Address 4: Deposit of 1.665 billion USDT, suspected to be controlled by a certain guarantee platform.
2. Address 5: Deposit 449 million USDT, possibly a hot wallet of a certain platform.
3. Address 6: Deposit 436 million USDT, which may also be a hot wallet of a certain platform.

Active Time Analysis

Analysis of 10 randomly selected ordinary user addresses:

• Withdrawal transactions are mainly concentrated between 01:00 and 16:00 UTC, with a peak between 07:00 and 13:00.
• Deposit operations are mainly concentrated between 03:00-10:00 UTC.

International Regulatory Trends

• July 2024: A certain blockchain analysis company reported that Tether froze an address related to the platform, involving nearly 30 million USDT.
• Early May 2025: The U.S. Department of the Treasury proposed to prohibit providing financial services to the group.
• Mid-May 2025: A report from a UN agency indicates that the platform is involved in large-scale suspicious fund flows.
• Mid-May 2025: Relevant guarantee platforms announce the cessation of operations.

The on-chain data and regulatory dynamics provide important references for understanding the operational model of the platform. However, for complex financial activities, a more comprehensive investigation and analysis are still needed to draw accurate conclusions.