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Huiwang’s abrupt collapse marks the end of the informal internet expansion model. This article presents a chronological analysis of Huiwang’s rapid growth as the “Alipay of Cambodia,” its transformation into a key node for human trafficking and cross-border money laundering, the failure of the USDH stablecoin, and the breakdown of its political and business protection mechanisms. It examines Huiwang’s technical framework, the infiltration of illicit activities, the interplay of power, and its eventual downfall, providing a comprehensive overview of the conclusion of an era.