Original｜Odaily Planet Daily（@OdailyChina）
Author｜Wenser（@wenser2010）
On December 1 last year, known as the "Southeast Asia Alipay," Huiwang Payment officially collapsed.
Since then, the grand "Southeast Asian Free Financial Era" has completely come to an end. Surprisingly, the "war of guarantee platforms" has not concluded; instead, it has launched a new round of land grabbing. More guarantee platforms have emerged, absorbing the users and market left by Huiwang, opening yet another act of the grand drama interweaving elements like "finance and freedom, black industry and money laundering, trust and guarantees."
As of today, new coins, Jinbei, Dali, Fulilai and other guarantee platforms have gradually stepped into the spotlight, inheriting Huiwang's legacy: on one hand, facilitating the black and gray market and money laundering businesses; on the other hand, continuing to play the role of "trust intermediaries" in business.
In the land of Southeast Asia, which possesses both open and conservative attributes, yet another storm related to money, dreams, and danger has begun.
The Death of Huiwang: 15 Billion USD in BTC Seized by the U.S., 900,000 Users Lost Everything
Four years ago, in 2021, Huiwang was just an inconspicuous currency exchange platform in Cambodia, with an early business throughput of around 2-3 billion USD; four years later, this currency exchange platform transformed into an underground financial empire centered around guarantee platforms, receiving hundreds of billions of dollars—according to the UNODC May 2025 report, it has cumulatively received over 24 billion USD in crypto funds. Supporting this system is a network of 900,000 registered users, 9,289 public Telegram groups, and a gray and black market network intertwined with scam zones, human trafficking, and pig butchering behind the groups.
Behind this enormous web of interests is the actual controller of the Prince Group—Chen Zhi. In October 2025, the U.S. Department of Justice and the Treasury filed criminal charges against Chen Zhi and issued a global arrest warrant, seizing 127,000 bitcoins (valued at about 15 billion USD at the time), setting a record for the highest single seizure of cryptocurrency in U.S. judicial history. The Prince Group thus became a thing of the past. (Recommended reading:“15 Billion USD BTC Changes Hands: U.S. DOJ Dismantles the Cambodian Prince Group, Transforming into the World’s Largest BTC Whale”.)
The downfall of the Prince Group almost immediately transmitted its impact to Huiwang. As the largest financier and liquidity provider, once the Prince Group collapsed, Huiwang's capital chain was consequently broken: on December 1, 2025, Huiwang announced a delayed payment statement; two days later, the National Bank of Cambodia claimed that its license had been revoked as early as 2024 and that the company had completed liquidation. The once bustling scene of "issuing over a thousand codes daily, queuing for withdrawals" ultimately turned into an array of numbers on the books, varying from thousands to hundreds of thousands of dollars, but could no longer be withdrawn.
Gray industry practitioners lamented that taking down Huiwang was "shaking the foundation of the gray industry in Cambodia." But beneath the foundation, new guarantee platforms had already begun to grow like wild grass in the shadows.
After Huiwang, who are the "next Southeast Asia Alipay"?
As early as May 14, 2025, the security agency Elliptic pointed out in a report that the Telegram platform banned thousands of cryptocurrency crime groups and channels related to "Newcoin Guarantee," which had processed over 8.4 billion USD in suspicious transactions up to 2024, ranking alongside Huiwang Group as the "largest cryptocurrency black market."
After Huiwang's collapse, Newcoin and many other second-tier guarantee platforms cautiously began to hide their guarantee business behind various self-operated platforms.
Newcoin: The Most Likely to Become the "Second Huiwang," with Total Revenue Exceeding 1.6 Billion USD
In early July this year, a "1.7 Million USD Cryptocurrency Exchange User Asset Theft Case" brought Newcoin back into the public spotlight.
Security company Bitrace discovered through a series of on-chain investigations that after extracting the victim's funds, the attacker transferred the stolen funds in multiple transactions to the same Newpay platform user address. It is known that this new crypto payment tool launched by Newcoin Guarantee was originally a no KYC payment tool based on Telegram Bot called Xinbi Wallet (Note by Odaily Planet Daily: After Newcoin's self-developed application Xinbipay was launched, this channel was shut down, and users were migrated to a mobile app, which was eventually renamed Newpay to evade regulation).
According to Bitrace monitoring, the new guarantee platform established in 2022 has a total revenue exceeding 1.6 billion USDT. The growth rate of its business has been particularly rapid since the collapse of Huiwang Group.
Ling Hang/Tiger Guarantee: The Guarantee Platform Under the Guise of "Overseas Labor Services" as “Human Trafficking” Guarantee Platform
Among the leading guarantee platforms in Southeast Asia, Ling Hang Guarantee is the only one operating "overseas labor public group and specialized group business" (Note by Odaily Planet Daily: Public groups provide long-term transaction guarantee services, and specialized groups provide temporary transaction guarantee services, similar to large and small groups in WeChat), and this platform explicitly provides guarantee services for “strong押车 transactions” (Note by Odaily Planet Daily: "强押" is industry slang meaning kidnapping).
According to Bitrace monitoring, an address used for deposits in a specialized group of Ling Hang Guarantee was activated on February 23, 2025, and in less than five months thereafter, over 100 million USD in USDT flowed in, and this is merely the deposit submitted by merchants operating the “strong押车 guarantee business” to the specialized group address. Within the deposit range, merchants can repeatedly execute business; the actual business transaction volume related to Southeast Asian cross-national human trafficking far exceeds this figure.
Jinbei/Jinbo: Guarantee Platform Focusing on Online Gambling
This platform was originally established by Chen Zhi, the founder of the Prince Group, and elite descendants of Cambodian government officials, fully named Jinbei Cambodia Investment Co., Ltd. To cover up, it is said that the company is closely related to Chen Zhi's casino business in Sihanoukville, Cambodia, and thus has been primarily focused on guarantee services related to online gambling.
Affected by incidents such as the collapse of the Prince Group, Jinbei also faced U.S. government sanctions. Last year, the Cambodia Gaming Commission and Cambodian police took strict measures to crack down on and ban some casinos under Jinbei. However, knowledgeable sources later revealed, "Only Jinbei 1 and Jinbei 3 casinos were closed, while six related parks under Jinbei continued to operate as usual." Currently, Jinbei has been renamed the Jinbo guarantee platform.
Dali/Tiancheng Guarantee: Inheriting Huiwang's Potato Guarantee
According to Bitrace monitoring, after the Potato Guarantee and Huiwang (Haowang) Payment ceased payments, the user scale of Newcoin Guarantee, Dali Guarantee, Fulilai Guarantee, and their payment tools has significantly increased, with Dali Guarantee's OkPay inheriting a large number of Potato Guarantee's public groups, showing the largest growth.
Statistics indicate that from May 2025 to April 2026, the three payment tools NewPay, OkPay, and FullyLight Wallet collectively received over 4.8 billion USDT. Currently, Dali Guarantee is mainly active under the name Tiancheng Guarantee.
Fulilai Guarantee: Park Industry Chain of One of the Four Major Families in Northern Myanmar
In 1996, after completing capital accumulation through early drug trafficking, Liu Zhengxiang (formerly known as Liu Abao) established the Fulilai Group in the Kokang region of Myanmar. Subsequently, this group expanded its business across multiple fields including cultural tourism, hotels, real estate, and entertainment, gradually becoming the core enterprise of the Liu Abao family, and eventually growing into one of the "Four Major Families in Northern Myanmar."
In 2025, the Ministry of Public Security cracked down on the Liu family criminal group, and it was ultimately verified that this family was involved in scams exceeding 2.6 billion yuan, gambling funds exceeding 8 billion yuan, extortion amounts exceeding 17 million yuan, and illegal gains from organized prostitution exceeding 16 million yuan.
It is worth mentioning that Fulilai Guarantee primarily serves the major scam parks in the local area, established to meet the "labor needs" of the latter. Currently, as the Liu family criminal gang has been eradicated.
When Guarantee Platforms Become Intermediaries for the Black Industry, "Southeast Asia Alipay" Is Just a Facade
In June of this year, data related to the Huiwang platform was updated during the "Operation Riptide" conducted by Elliptic in cooperation with the FBI. Among them, Huiwang Guarantee's cumulative collected funds exceeded 31 billion USD; Huiwang Payment processed over 103 billion USD in cryptocurrency payments. Huiwang Guarantee has become the largest online illegal market in history, far exceeding the previous dark web Silk Road (216 million USD), AlphaBay (over 1 billion USD), and Hydra (over 5 billion USD).
Looking back at the aforementioned five guarantee platforms, they are just an obscure corner of Southeast Asia's "deformed financial ecology" that is not well known to the average person. In this rapidly developing land, which has not made sufficient infrastructure and institutional preparations, financial services have become a breeding ground for crimes such as human trafficking, park scams, pig-butchering scams, and online gambling.
The so-called "Southeast Asia Alipay" is merely an external nickname, far from a commercial achievement.
At this moment, they may be enjoying the glory of making millions daily, but justice will not be absent.
Reference Information:
Behind 15 Billion USD, the Rise and Fall of a Fraud Empire
2026 Illegal Cryptocurrency Trading Guarantee Platform Investigation Report By Bitrace
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