The online investment platform suddenly closed the withdrawal channel, and the involved funds may reach 13 billion yuan.

On June 26, 2025, an online investment platform named "Xin Kang Jia DGCX" suddenly closed all withdrawal channels, resulting in the freezing or zeroing out of assets in many users' accounts, making it impossible to withdraw funds. This incident quickly gained traction on social media, attracting widespread attention. Although no official agencies have released exact figures on the number of victims and financial losses, information circulated among investors suggests that the scale of funds involved in this incident may reach as high as 13 billion yuan, with the number of victims potentially exceeding 2 million.

According to some public information, as early as 2019, Xinkangjia sold oil filtration equipment worth 200,000 yuan to a certain enterprise, and then packaged this transaction as "signing a five-year strategic cooperation agreement with a certain oil company." In March 2021, the project began operations under the name of Guizhou Xinkangjia Big Data Co., Ltd. Although the company claims to have a registered capital of 30 million, the actual paid amount is zero, and it has long been listed as a business anomaly, fitting the characteristics of a "shell company."

In May 2023, the platform launched what it called the "DGCX Xin Kang Jia Big Data Exchange," claiming to be the official branch of an international commodity exchange in China and self-proclaiming partnerships with several state-owned enterprises. The platform endorsed itself by publishing forged contracts, official letters, official website screenshots, and other materials to strengthen its image as a "regular army." In reality, the platform has no affiliation or business connection with any genuine international commodity exchange; the entire qualification system is a disguise of "international finance." The real international exchange has publicly issued statements multiple times denying any authorization or cooperation with it and has warned users to guard against counterfeit platforms.

It is rumored that the founder of the platform left a message in the members' WeChat group after fleeing overseas. Although this content cannot be independently verified for its authenticity, it has been widely circulated within the community, further exacerbating investors' anger.

Through on-chain fund flow analysis, it is initially shown that the project may have constructed a complex multi-level funding structure, where funds flow in from a centralized entry point and then flow out after multiple transfers, exhibiting characteristics commonly associated with Ponzi schemes in on-chain operations. Currently, approximately 800,000 user deposit addresses have been identified in the analysis, involving a scale of funds up to 1.5 billion dollars.

The project is suspected to be a "Ponzi core + pyramid scheme" fund, using virtual asset investment as a pretext, stablecoins as a means of payment, and raising funds through a "referral" membership system. Its specific methods include a multi-level pyramid referral mechanism, fake transactions and backend manipulation, high returns and rebate bait, as well as increasingly stringent withdrawal thresholds.

Before the platform collapsed, multiple local public security agencies and financial regulatory bodies issued risk warnings, including several county-level public security bureaus, rural commercial banks, and provincial financial offices, all indicating that the platform was suspected of illegal fundraising and high-risk trading. However, due to the platform's invitation code system controlling registrations, it penetrated widely through social media viral growth, offline lectures, and other methods, combined with rhetoric such as "national-level project" and "state-owned enterprise cooperation," a large number of middle-aged and elderly people and users from lower-tier markets became deeply involved, resulting in a continuous inflow of capital even after regulatory warnings were issued in various regions.

Currently, it is reported that some core technical personnel of the platform and leading agents have been controlled by the public security organs, which have sealed several asset accounts related to the case, freezing funds of approximately 120 million yuan.

This incident once again reminds users: high returns often come with high risks; the pyramid scheme model is essentially a form of MLM; do not blindly trust packaging and promotion. In an era of information overload and increasingly complex scams, it is crucial to remain rational, improve financial literacy, and actively question "things that seem too good to be true." Any platform that uses high returns as bait and requires recruiting others to profit should be treated with high caution.