Huiwang Group Scandal Worsens; Massive Crypto Transactions Draw Scrutiny

Huiwang Group has once again come under scrutiny amid allegations of involvement in money laundering and the flow of online scam funds. According to Hong Kong's Ming Pao and HK01, Huiwang Group chairman Li Xiong had previously been escorted back to China, and related investigations have gradually revealed the group's massive fund flows.
Data from UK blockchain analytics firm Elliptic shows that since 2021, cryptocurrency wallets used by Huiwang Guarantee and its affiliated merchants have cumulatively received more than US$24 billion in funds. The report indicates that a significant portion of these funds is linked to online scam activities.

It is understood that platforms under Huiwang, including Huiwang Guarantee and Haowang Guarantee, have been accused of providing long-term channels for transferring and trading such funds. Some of the money is reportedly connected to telecom fraud, "pig-butchering" romance scams, and darknet transactions.
In addition, related businesses such as Huiwang Pay (Huione Pay) and Panda Bank have also drawn outside attention. Hong Kong media reported that Huiwang Group's overall scale may exceed US$55 billion, and its fund flows are closely tied to the cross-border cybercrime industry.

The related cases remain under probe. It is worth noting that the US$24 billion figure represents the scale of fund inflows tallied from blockchain wallets and does not equate to an amount of money laundering already recognized by judicial authorities.
As global regulators continue to tighten oversight of virtual assets and cross-border fund flows, the follow-up developments of the investigation into Huiwang Group remain worthy of attention.