Recently, there has been another major event, which is that Huibao is facing collapse.
Although I want to keep it short, unfortunately, it’s a long story.
This matter has to start from the attack on Chen Zhi. In mid-October, the U.S. side used technical means to recover 127,000 Bitcoins from Chen Zhi and launched a global manhunt for him.
And Huibao was characterized as a payment channel that helped Chen Zhi launder money.
And the amazing thing is that as early as September last year, the Cambodian authorities revoked the business license of Huibao Payment, and completed the final liquidation in June this year, after which the incident of Chen Zhi's Bitcoin being stolen occurred.
It can be seen that during this period, both Cambodia and Huiwang have been under pressure from the United States, but Huiwang's business has been continuously operating.
Now Chen Zhi has been beaten, it's Huiwang's turn to be in trouble.
So at the beginning of this month, Huiwang already faced difficulties in batch redemptions.
Before this, there have actually been danger signals released, but they did not attract much attention—Huiwang users have become accustomed to the platform facing various problems, and in the past, they have always passed through smoothly.
At the end of October, some users reported that there were issues with APP withdrawals not being credited.
On January 26, the Apple Store removed the Huiwang APP, and after the news broke, there was a rush for redemption at Huiwang's offline stores.
On November 27, someone reported that Huiwang Pay began implementing withdrawal limits.
On November 29, an abnormality occurred on the exchange page of the Huiwang APP, temporarily preventing USDT from being exchanged for USD, raising concerns among some users.
Then, there was the announcement of the postponed redemption on December 1. According to on-chain data analysis from Coin Tracking, it was found that the balance of Huiwang's on-chain address was only 990,000 U, and it has not redeemed any user withdrawal requests since.
Currently, Huiwang Pay has launched a new version of the app in the Apple App Store—HPAY, and some Huiwang stores have also changed their names to HPAY, aiming to separate from the past Huiwang.
However, after seeing the announcement, users were stunned; users from Cambodia hurried to Huiwang's headquarters and offline locations to withdraw cash.
However, according to feedback from the frontline, the withdrawals from Huiwang offline are normal, as Huiwang's users are throughout Southeast Asia, and the redemptions only need to be settled within Cambodia, so the pressure is manageable.
This is also why such a big issue occurred online, while offline it can still be redeemed.
During this process, ordinary merchants are afraid to accept Huiwang's U, switching to cash or other payment methods.
But some people have found opportunities from it, becoming scalpers for arbitrage. They started buying Huiwang U at low prices.
Starting from a 9.2% discount, then down to 80%, 70%, 65%, and even 15% discount.
However, among those collecting U at a discount, the roles are not the same.
The first method is the simplest: collect U online, and then the person can go offline to redeem it in Cambodia, thus making a profit from the price difference.
The second method is interesting: Huiwang officials are also collecting their own U because Huiwang has only been restricted, not bankrupt, so collecting U at a discount is like picking up money for free.
On one hand, it can reduce the pressure of redemptions, and on the other hand, it can also take advantage of users, making it incredibly enjoyable.
The third method is the key gameplay that Juzi wants to discuss today: the boss of the electric fraud park is also buying in crazily.
You might not even think about the underlying logic here; Juzi only found out after talking to an experienced person who understands Southeast Asia, which completely shattered my worldview.
Moreover, there are two more approaches to this gameplay.
The simplest and most direct method is to directly use the Huiwang U bought back at a low price to pay salaries to the workers in the park.
Don't think it's ridiculous; I'm asking you if this is U, right? If it's U, isn't that enough? If there's a problem, it's Huiwang's issue, not mine. What I gave you is U!
The second method is to transfer Huiwang's U again, since people in the park are not good either; they are all scammers, so what’s the difference between giving black U and Huiwang U? Moreover, under the current circumstances, Huiwang U is also considered a form of black U.
You see, this forms a chain from Huiwang U to the park to employees to victims.
Well, if we are talking about treating people improperly, we still need to see them.
The collapse of Huiwang, compounded by the tightening of domestic policies, is also one of the reasons for the exodus of the U business community.
In the short term, the pain will continue; the market and industry reactions of the past two days indicate that domestic policies still have a significant deterrent effect.
But just like some people only cut meat, while others become scalpers, where there is danger, there is opportunity.
Under the new direction and situation, how exactly should we find opportunities and break through? This is a new direction that is very worth studying and discussing throughout 2026.
Therefore, Juzi will invite friends from the industry and those who have achieved results from home and abroad to explore and analyze the future direction, opportunities, policies, and hotspots of the industry through a monthly online closed-door live discussion. You can understand this as one of the few in-depth professional monthly reports in the industry, eliminating the need to search for information everywhere, because experts from these niche tracks will gradually appear on Juzi's channel.