Stablecoin Eyewash "Xin Kang Jia": 13 billion yuan in funds evaporated, 2 million people plunged into despair

A rampant "farewell letter" has caused a stir online, with the sender claiming to be Mr. Huang, stating that he has fled abroad and mockingly declaring that he has taken away "wealth that does not match his IQ." This message is like a sharp blade, deeply piercing the hearts of about 2 million "Xin Kang Jia" victims.

"Xinkangjia" is using the guise of stablecoins and a Dubai exchange, claiming to have strategic cooperation with Middle Eastern capital and China National Petroleum Corporation. By promising attractive conditions of "capital preservation and high interest," it has attracted a large number of middle-aged and elderly individuals and small business owners from third and fourth-tier cities to invest. However, all of this has ultimately been confirmed to be a carefully planned eyewash.

Currently, the platform can no longer withdraw funds, and the main suspect, Huang Xin, has fled. Two days before the platform collapsed, a huge amount of up to 1.8 billion USDT was transferred in batches to three new cryptocurrency addresses, raising more doubts and concerns.

From Shell Companies to Massive Pyramid Schemes

In March 2021, Huang Xin and two others registered "Guizhou Xinkangjia Big Data Service Co., Ltd." with a registered capital of 30 million yuan. However, the company is actually a typical shell company, with no paid-in capital and no social security payment records.

In May 2023, "Xinkangjia" began operations and later changed its name to "DGCX Xinkangjia Data," claiming to be the official Chinese branch of a certain international exchange. The platform promised a high return of 2% daily, attracting a large number of investors.

Investors need to download the platform App and conduct simulated operations under the guidance of "teachers" to predict market trends. However, these so-called trades are actually completely controlled by the platform's backend. The platform requires all members to use USDT for deposits and settlements, which increases the concealment of fund flows.

What is even more concerning is that the platform employs a militarized pyramid scheme structure. The country is divided into four "battle zones," and promoters are promoted according to military ranks. The more people they recruit, the higher the rewards and commissions they receive. It is reported that a single team in Yunnan has 150,000 members, and there are 100,000 in Jiangxi, forming a massive pyramid scheme network.

Warning Signals Before a Crash

As early as October 2024, Gongxian County in Sichuan issued a risk warning, indicating that the platform lacked legal qualifications. However, most users were still immersed in the fantasy of high profits. It wasn't until May 2025 that the platform began to show signs of problems. Withdrawal fees skyrocketed from 5% to 10%, and large withdrawals required a long wait.

On June 26, the platform completely closed the withdrawal channel, the system crashed, and the funds of millions of investors were completely frozen. Currently, police in many regions across the country have filed cases for investigation, 37 team leaders have been arrested, and the frozen funds involved exceed 120 million yuan.

The True Face of the Mastermind and the Escape

The mastermind behind "Xinkangjia", Huang Xin, had previously packaged himself as a "Wall Street finance PhD" and a "senior executive at PetroChina". However, the photo used for "Huang Xin" on the platform was actually a misappropriation of someone else's likeness. There are rumors that Huang Xin had previously participated in other pyramid schemes, including a major illegal pyramid scheme with an amount involved as high as 330 billion yuan.

In October 2024, sensing that the eyewash was about to collapse, Huang Xin obtained a passport from a certain country through investment immigration, which grants visa-free access to many countries and regions. He has now successfully fled overseas and his whereabouts are unknown.

Warning and Reflection

The "Xingkangjia" case is a typical comprehensive financial fraud involving "Ponzi scheme + pyramid selling + cross-border money laundering". The uniqueness of this case lies in the comprehensive use of USDT as a channel for the inflow and outflow of funds, which greatly enhances the concealment of the scam and the efficiency of cross-border fund transfers.

Recently, multiple local governments have begun to pay attention to the issue of stablecoins, and the regulation of stablecoins is also accelerating globally. However, the scammers are constantly updating their tactics.

Although the disguise of eyewash may change, the greed and blind trust in human nature always remain the easiest weaknesses to exploit. We must stay vigilant, enhance our financial knowledge, and be cautious with investment projects that promise high returns. Only in this way can we better protect the property safety of ourselves and our families.