Southeast Asian Guarantee Platforms Reshuffle Seven Months After Huiwang's Collapse

Original｜Odaily Planet Daily ( @OdailyChina )

Author｜Wenser ( @wenser2010 )

On December 1 last year, Huiwang Payment, known as the "Alipay of Southeast Asia," officially collapsed.

Since then, the grand "Southeast Asian Free Financial Era" has come to a complete end. Surprisingly, the "war of guarantee platforms" has not concluded; instead, it has sparked a new round of land grabbing. More guarantee platforms have emerged, absorbing the users and market left behind by Huiwang, opening another act of a grand drama interwoven with elements of "finance and freedom, black industry and money laundering, trust and guarantee."

To this day, new platforms like XinBi, JinBei, DaLi, and FuLiLai have gradually come to the forefront, inheriting Huiwang's legacy: on one hand, they provide convenience for black and gray industries and money laundering; on the other hand, they continue to play the role of "trust intermediaries" in business.

In this land of Southeast Asia, which embodies both openness and conservatism, a new wave concerning money, dreams, and danger has already begun.

The Death of Huiwang: $15 Billion in BTC Seized by the U.S., 900,000 Users Left Empty-Handed

Four years ago, in 2021, Huiwang was just an inconspicuous currency exchange platform in Cambodia, with an early business throughput of about $2-3 billion; four years later, this currency exchange platform has transformed into an underground financial empire centered around guarantee platforms, receiving hundreds of billions of dollars in funds—according to the "UNODC May 2025 Report," it has cumulatively received over $24 billion in cryptocurrency. Supporting this system are 900,000 registered users, 9,289 public Telegram groups, and a gray and black industry network intertwined with scams, human trafficking, and pig butchering behind these groups.

Behind this vast network 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 at the time), setting the record for the largest single seizure of cryptocurrency in U.S. judicial history. The Prince Group thus became a thing of the past.

The collapse of the Prince Group almost immediately affected Huiwang. As the largest financier and liquidity provider, the downfall of the Prince Group severed Huiwang's funding chain: on December 1, 2025, Huiwang issued a statement on delayed payments; two days later, the National Bank of Cambodia stated that its license had been revoked as early as 2024, and the company had completed liquidation. The once bustling scene of "issuing over a thousand codes daily and queuing for withdrawals" ultimately turned into a string of numbers on the books, ranging from thousands to tens of thousands of dollars, which could no longer be withdrawn.

Some gray industry practitioners lamented that taking down Huiwang was like "shaking the foundation of Cambodia's gray industry." But beneath this foundation, new guarantee platforms have already begun to grow like wild grass in the shadows.

Who Will Be the "Next Alipay of Southeast Asia" After Huiwang?

As early as May 14, 2025, the security agency Elliptic pointed out in a report that the Telegram platform had banned thousands of cryptocurrency crime groups and channels related to "XinBi Guarantee," which had processed over $8.4 billion in suspicious transactions by 2024, ranking alongside Huiwang Group as the "largest cryptocurrency black market."

After Huiwang's downfall, XinBi and more second-tier guarantee platforms have cautiously hidden their guarantee businesses behind various self-operated platforms.

XinBi: The Most Likely Candidate to Become the "Second Huiwang" Guarantee Platform, Total Revenue Exceeds $1.6 Billion

In early July this year, a case involving the theft of $1.7 million in user assets from a cryptocurrency exchange brought XinBi back into the public spotlight.

Security company Bitrace discovered through a series of on-chain investigations that the attacker transferred the stolen funds into the same Newpay platform user address in multiple transactions after extracting the victim's funds. It is understood that this system is a cryptocurrency payment tool launched by XinBi Guarantee, originally a KYC-free payment tool based on Telegram Bot called Xinbi Wallet in 2025.

According to Bitrace monitoring, the total revenue of the XinBi guarantee platform, established in 2022, has exceeded 1.6 billion USDT. After the collapse of Huiwang Group, its business growth has been particularly rapid.

LingHang/Tiger Guarantee: A "Human Trafficking" Guarantee Platform Operating Under the Guise of "Overseas Labor Services"

Among the leading guarantee platforms in Southeast Asia, LingHang Guarantee is the only platform operating "public groups and specialized groups for overseas labor services," and this platform explicitly states that it provides guarantee services for "strong pressure vehicle transactions."

According to Bitrace monitoring, a certain specialized group's pledge address for LingHang Guarantee was activated on February 23, 2025, and in less than five months, over $100 million in USDT has flowed in. This is just the deposit submitted by merchants operating "strong pressure vehicle guarantee business" to the specialized group address; within the deposit range, merchants can repeatedly conduct business, and the actual transaction volume related to cross-border human trafficking in Southeast Asia far exceeds this figure.

JinBei/JinBo: A Guarantee Platform Focusing on Online Gambling

This platform was initially co-founded by Chen Zhi, the founder of the Prince Group, and the offspring of Cambodian government elites, officially named JinBei Cambodia Investment Co., Ltd. To cover its tracks, it is said that the company is closely related to Chen Zhi's casino business in Sihanoukville, Cambodia, and has thus focused on guarantee services related to online gambling.

Due to the impact of the Prince Group's collapse and other events, JinBei had previously faced sanctions from the U.S. government. Last year, the Cambodian Gaming Commission and Cambodian police took severe actions and banned some casinos under JinBei. However, insiders later revealed that "only JinBei 1 and JinBei 3 casinos were closed, while six associated parks under JinBei continued to operate as usual." Currently, JinBei has been renamed JinBo Guarantee Platform.

DaLi/TianCheng Guarantee: Inheriting Huiwang's Potato Guarantee

According to Bitrace monitoring, after Potato Guarantee and Huiwang (HaoWang) Payment stopped payments, XinBi Guarantee, DaLi Guarantee, FuLiLai Guarantee, and their payment tools have all seen significant increases in user scale, with DaLi Guarantee's OkPay inheriting a large number of Potato Guarantee's public groups, showing the largest growth.

Statistics show 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: One of the Four Major Family Clans in Northern Myanmar's Industrial Chain

In 1996, after completing the primitive capital accumulation through early drug trafficking, Liu Zhengxiang (originally named Liu Abao) established the FuLiLai Group in the Kokang Special Region of Myanmar. Later, the group's business expanded to various fields, including culture and tourism, hotels, real estate, and entertainment, gradually becoming the core enterprise of the Liu Abao family and pushing it to grow into one of the "four major families in Northern Myanmar."

In 2025, the Ministry of Public Security cracked down on the Liu family crime group, ultimately confirming that the family was involved in fraud exceeding 2.6 billion yuan, gambling funds exceeding 8 billion yuan, extortion exceeding 17 million yuan, and illegal earnings from organized prostitution exceeding 16 million yuan.

It is worth mentioning that FuLiLai Guarantee mainly serves various scam parks in the area, established to meet the "labor needs" of the latter. Currently, with the Liu family crime group dismantled.

When Guarantee Platforms Become Black Industry Intermediaries, "Southeast Asian Alipay" is Just a Facade

In June this year, during the "Operation Riptide" conducted by Elliptic in cooperation with the FBI, updated data related to the Huiwang platform was released. Among them, the cumulative funds received by Huiwang Guarantee exceeded $31 billion; Huiwang Payment processed over $103 billion in cryptocurrency payments. Huiwang Guarantee has become the largest online illegal market in history, far surpassing the previous dark web Silk Road ($216 million), AlphaBay (over $1 billion), and Hydra (over $5 billion).

Looking back at the five guarantee platforms mentioned above, they are merely an obscure corner of Southeast Asia's "distorted financial ecology." In this rapidly developing land, which has not made adequate infrastructure and institutional preparations, financial services have become a breeding ground for human trafficking, park scams, pig butchering, online gambling, and other crimes.

The so-called "Southeast Asian Alipay" is merely an external nickname and is by no means a commercial achievement.

At this moment, they may be enjoying the glory of earning millions daily, but justice will not be absent.

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