For those engaged in gray industries in Southeast Asia, Huiwang has never been just a simple payment tool.
It is the breathing machine of electric fraud platforms, the black jade ointment of online gambling platforms, and the core router of the entire black gold chain. Whether you are settling in U, exchanging currency at a counter, or making cross-border transfers, it doesn't matter if the money is obtained through fraud or gambling; as long as it goes through Huiwang's hands, it can transform and circulate as 'cleaned' money.
Hundreds of billions of funds circulate here every year, and various gambling platforms in Cambodia, Myanmar, and Thailand rely on it to survive, with countless people dreaming of getting rich overnight relying on it to transfer money.
Previously, Prince Chen Zhi was arrested, which at most cut off the roots of the black industry.
This time on January 28, the arrest of Hui Wang's Xi Zong, the super transit hub that handles 90% of Southeast Asia's black gold transactions and billions in annual funds, has truly collapsed, directly cutting off the blood supply to Southeast Asia's black market.
A severed root can grow back, but without blood, those entrenched in Southeast Asia become isolated islands without rice to cook.
Holding a pile of dirty money, it cannot go out or come in; guarding an empty shell, unable to even raise the fare to escape, this is the most real situation.
Many people wonder why Cambodia, which used to treat black and gray industries as a cash cow, suddenly started cracking down on people and raiding dens.
In fact, Cambodia's reversal, when viewed from above, is all about national-level interest calculations, all a high-stakes political whitewashing gamble.
Since the Hong Man Nai government came to power, it has long wanted to tear off the label of 'the capital of telecom fraud'. It should be known that the price of being labeled this way is sanctions from Europe and America, being shut out of the SWIFT system, and financial isolation of the country.
If you want to take off the hat, to integrate into the international financial circle, to seek leniency from Europe and America, the only way is to dismantle this black market monster that you have nurtured with your own hands.
Those giants that were once deeply tied to the black market are now Cambodia's cash cows, but have become negative assets hindering the upgrade of the country’s image.
The arrest of Xi Zong and the repatriation of Chen Zhi is just Cambodia's token of loyalty to the international community—look, I am clean now, so please give me my ticket to enter.
In the face of national interests, the so-called 'gray umbrella' is always retracted as soon as it is mentioned.
Today can be an umbrella for protection, but tomorrow will be a token of loyalty.
If the arrests in Cambodia are aimed at 'people', then the newly implemented (special preventive measures for anti-money laundering) is a precise strike against money, a lethal blow.
The most ruthless point is the non-judicial freeze—previously freezing dirty money required police investigations and court rulings. The process took enough time for black market actors to transfer the money ten times and run all over the world.
Now? As soon as you are listed on the special preventive list, financial institutions directly skip judicial procedures. With an administrative order, all transactions are immediately halted, and all funds are sealed off. There is no buffer, no room, it's a line cut in a second.
What's even more terrifying is the global linkage. Once you are on the list, all of your legitimate financial connections, both domestically and internationally, will be severed.
This is a direct death sentence for dirty money, a triple strangulation; this time it’s really over.
Why say that this time Southeast Asia's black market has truly collapsed, not just a show of force? Because it is now a triple strangulation, layered blockades, leaving no gaps.
First, the collapse of channels. The only large black gold transit hub, Hui Wang, is gone, and the return path for dirty money has been completely severed; it can't come in or go out, becoming dead money.
Second, policy strangulation. Domestic non-judicial freezes raise the cost of dirty money flow to infinite heights. As long as you dare to touch it, it will be directly crushed, with no chance of escape.
Third, geopolitical shift. Cambodia, in order to curry favor with Europe and America, will no longer act as a safe haven for black markets. The previous gray areas have now become zones of strict crackdown.
The previous regulation was unable to catch the rapid flow of water, always letting some slip through; now the regulation is to directly dismantle the water pipes and take them away. With no water left, what can you play with?
The major infrastructure of Southeast Asia's black market, from payment to circulation, from umbrella to channel, has all been dismantled.
Do not be complacent anymore; the era of black gold has truly come to an end.
Finally, I want to say a word of honesty to those who are still watching in Phnom Penh and Sihanoukville: don't wait any longer, don't gamble. There are three direct flights from Chengdu to Sihanoukville every week; hurry back.
Hui Wang's downfall is not an isolated case; Cambodia's reversal is not accidental; domestic financial regulation will only become stricter.
When a giant that has carried years of black gold transactions suddenly collapses, and when state measures can directly seal off all funding channels, any lucky mentality is superfluous.
Those funds that have not yet withdrawn are highly likely to have become dead money; those who still want to continue digging for gold in the gray areas will eventually bury themselves.
From today, the era of black gold in Southeast Asia officially comes to an end!