According to Techub News, Web3 security company Beosin revealed that the address TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8 frozen by Tether yesterday was the hot wallet address used by Huiwang Payment on that day. Huiwang Group owns three criminal businesses including Huiwang Guarantee, Huiwang Payment and Huiwang Online Gambling.
Beosin conducted flow analysis and address database comparison on the Huiwang Group address chain (Beosin's risk address database has marked more than 100,000 addresses related to Huiwang officials, users, merchants, etc.). The addresses involved in Huiwang Guarantee and Huiwang's online gambling business have little correlation.
After the hot wallet address of Huiwang Payment was frozen yesterday, Huiwang Group urgently activated a new hot wallet address TQuFSvpct2FeBrKjRh8NDqtGAci2Z15RSa to process withdrawals from Huiwang Payment users. The flow of virtual currency on the chain shows that after a period of time after the new hot wallet address was activated, Huiwang Payment users began to withdraw a large amount of cash. In order to avoid a run, Huiwang Group called a large amount of funds from the address TYCDkWB1yLEoRVjwpw7rh33zCFGPPPPPPP. After Beosin traced the source of its virtual currency, it was found that its source was suspected to be from external and hot wallets of some mainstream centralized exchanges.
