Cambodian black and gray industry 8 years of personal experience! USDT scam triggers Huiwang bank run event

A Chinese practitioner who has been involved in black and gray industries in Cambodia for eight years personally describes how cryptocurrency has become the “blood” of the global scam system. In this underground financial network built by ABA Bank, Telegram, and HuiWang, USDT is cashed out into USD via HuiWang platform, supporting a worldwide scam industry chain. In early December, HuiWang experienced a severe run on the bank, with the HuiWang USD plummeting to 0.5 USD in cash, triggering panic.

The Deep Abyss of Gambling and the Small Black Room Ransom Chronicles

“My original purpose for coming to Cambodia was simple—gold prospecting.” This post-90s Chinese individual flew solo from northwest China to Phnom Penh, initially wanting to earn USD through online gambling. However, his first lesson was not being scammed, but losing to his own human nature—getting addicted to gambling.

Sihanoukville is full of casinos, and that atmosphere can swallow people whole. “I clearly remember that ‘high’ feeling. I started with only 150 USD, won a little, and thought this money came too easily. I went crazy trying to win more. Lost? If I lost, it was even worse—I only thought about getting my money back.”

The craziest time was when he lost everything, then exchanged 800 USD, losing ten or more rounds. Not believing in evil, he then exchanged 3,000 USD and went all-in, only to be completely wiped out. In Cambodia, if you lose money gambling and can’t pay, the only outcome is the small black room. “I’ve been locked up before. I saw others get beaten as soon as they entered—no dignity at all. They threw me their phone, asking me to call my parents for ransom. In the end, my dad transferred money to save me.”

The Three Survival Rules of Cambodia’s Black and Gray Industries

Never gamble ‘high’: Set strict stop-loss limits; if deeply involved, you’ll be locked in the small black room, and family must pay ransom to get you out.

Offline transactions in public places: Never meet in secret locations; settle face-to-face in cafes to prevent drugging or kidnapping.

Avoid eating or drinking from strangers: Drugs in a glass of water; wake up in a scam zone, typing on a keyboard, with personal freedom completely lost.

That experience was a turning point in his life. Since then, he set rules: gambling is okay, occasionally playing with three or four thousand USD, but never get ‘high’ again. “In this circle, once you get ‘high’ once, your life is over. That’s the first lesson Cambodia taught me.”

HuiWang: The Underground Central Bank for USDT Cash Conversion

In Cambodia’s black and gray industries, no one will let you transfer directly to a bank card. USD is the common currency here, and HuiWang is the ‘gate’ between USD and USDT. In the crypto world, USDT is just a digital code on the chain. But in Cambodia, USDT through HuiWang becomes cash that can be withdrawn at any time.

“Many people don’t understand why not use Binance. The answer is simple: because we’re in gray industries. HuiWang is like a huge, semi-underground money house system.”

HuiWang’s core advantage lies in its extensive offline network. It has many physical stores, and transfers within the ecosystem are instant. People exchange scam proceeds into U, then convert U into USD cash, or directly spend U. In Southeast Asia, most KTVs, gambling venues, and similar places accept U payments. Transferring U within HuiWang’s system incurs no fee. Only when you want to convert U into USD cash does it charge a withdrawal fee.

HuiWang is like a nationwide offline OTC network in Cambodia. You bring U in, and get a thick stack of USD out; or you bring in stolen cash from scams, and convert it into clean U stored on your phone. People trust it because it looks “unescapable.” It has physical assets and a large offline presence, representing a kind of gray credit on Cambodian land.

HuiWang Run on the Bank and the Arbitrage Feast

In early December, panic suddenly spread. With international sanctions, HuiWang closed many offline stores, and withdrawals started failing. “A platform that carries the capital flow of the entire underground industry chain suddenly tells you ‘no money.’ At that moment, the market was extremely panicked. Holding a string of numbers (USD balance) in HuiWang account, but unable to get any cash.”

The black market exchange rate collapsed instantly. Normally, 1 HuiWang USD equals 1 USD cash. But during the worst run, 1000 HuiWang USD could only be exchanged for 500 USD cash. Half price! Yet, amidst chaos, opportunities arose. “Currently in Cambodia, everyone is withdrawing U, but no one has USD cash. The extreme USD shortage creates huge arbitrage space.”

As an intermediary, he has resources from capital providers. “If a panicked customer urgently wants to cash out 90,000 HuiWang USD because he fears HuiWang will collapse, I buy his HuiWang balance at a very low price or exchange his U for cash. A transaction of 90,000 USD, between buy and sell, I can easily make a $3,000 profit.”

Meanwhile, as HuiWang crashes, a new platform H-PAY is quietly operating. It’s also under the HuiWang (Huione) system. When HuiWang faces international sanctions, a new brand is activated to replace it, trying to take over this huge underground payment market. This demonstrates the resilience of black and gray industries—when one falls, another quickly takes its place.

“You ask me, since it’s so dangerous, why not leave? Honestly, I can’t go back, and I don’t really want to. Back home, it’s hard to make quick money like this. Plus, once people get used to this high-risk, high-reward environment, it’s hard to go back to a 9-to-5 life.”