Unveiling the "stablecoin capital flight" Major Case: A Funding Gap of 13 Billion Yuan, 2 Million People Trapped in Eyewash

A reckless "farewell letter" has caused a huge stir online. The author, claiming to be Mr. Huang, states that he has fled overseas and "thanks" the victims in an extremely sarcastic tone. This message hit the hearts of over 2 million "Xin Kang Jia" victims like a heavy punch.

"Xinkangjia" operates under the banner of stablecoin, claiming to have ties to the Dubai Stock Exchange and asserting a strategic partnership with a major oil company. By enticing investors from third- and fourth-tier cities with promises of "capital preservation and high interest," it attracted a large number of middle-aged and elderly individuals as well as small business owners. However, all of this ultimately proved to be a meticulously planned eyewash.

Currently, the platform is unable to process withdrawals, and the main suspect has fled abroad. In the 48 hours before the platform's collapse, a staggering 1.8 billion USDT was transferred in batches to three brand new cryptocurrency addresses.

From Zero to "Militarized" Pyramid Scheme: How Xinkangjia Trapped a Million Investors?

In March 2021, three founders registered a big data service company with a name combination, with a registered capital of 30 million yuan. However, the company is actually a typical shell, with no paid-in capital and no social security contributions.

In May 2023, the company began operations under the name of a certain oil company's platform and later changed its name to "DGCX Xinkangjia Data", claiming to be the official Chinese branch of a certain commodity exchange. They claimed to achieve a daily return of 2%, attracting a large number of investors.

Investors need to download a specialized app to operate and conduct simulated trading under the guidance of a "teacher". However, these so-called trades are actually completely controlled by the backend.

The platform uses USDT as a trading medium, requiring members to exchange RMB for USDT before they can deposit.

Even more shocking is that the platform has adopted a militarized pyramid scheme structure. The country is divided into four "battle zones," and promoters are promoted based on military rank. Recruiting 50 people can elevate one to "brigadier" and earn a 15% commission, while recruiting 500 people can even earn a luxury car. The largest regional team consists of up to 150,000 members, forming a massive pyramid scheme network.

Despite the risk warning issued by local governments in October 2024, most users remain immersed in fantasies of high profits. Until May 2025, when the platform began to restrict withdrawals, and by the end of June, it completely closed the withdrawal channels, leaving millions of investors' funds completely frozen.

Currently, police in multiple regions have filed cases for investigation, 37 team leaders have been arrested, and the frozen funds involved exceed 120 million yuan.

The False Identity and Escape of the Mastermind

The main suspect of "鑫慷嘉" claims to be a "Wall Street PhD in finance" and a senior executive of a large company, asserting that he accurately predicted the surge in crude oil prices as early as 2015, attempting to shape an image of professional authority.

However, the photo he used was actually a stolen portrait of a blogger from Hong Kong. The blogger has publicly clarified that they are not involved in this matter as of 2024.

There are rumors that this mastermind was involved in other pyramid schemes in his early years. Ten years ago, he may have played an important role in a large rebate pyramid organization. This organization was identified by the police in 2018 as a major illegal pyramid scheme, with the amount involved reaching 330 billion yuan and more than 5 million victim members.

In October 2024, sensing that the eyewash was about to collapse, the mastermind obtained a passport from a small country through investment immigration, enjoying visa-free access to over 160 countries and regions. Currently, he has successfully fled overseas and is missing.

This case is a typical comprehensive financial fraud of "Ponzi scheme + pyramid selling + cross-border money laundering." It is worth noting that the case has seen an "upgrade" in its methods: it fully utilizes stablecoins as the channels for fund inflow and outflow, significantly increasing the concealment of the scheme and the efficiency of fund transfer.

Recently, governments in many regions have begun to pay attention to the issue of stablecoins, and global regulation of stablecoins is accelerating. However, riding on this wave, various eyewashes are constantly innovating their methods.

Although eyewash may take on various forms, the greed and blind trust inherent in human nature remain the easiest weaknesses to exploit.