Stablecoin Fraud Case "Xinkangjia" Revealed: Huge Capital Loss and Victim Traps

Recently, a major stablecoin scam case involving 2 million victims and 13 billion yuan in funds has attracted widespread attention. The case, named "Xinkangjia", operated under the banner of the Dubai Exchange, using enticing promises of "capital protection and high interest" to attract a large number of middle-aged and elderly individuals as well as individual operators from third and fourth-tier cities to invest.

However, behind this seemingly glamorous platform lies a carefully designed scam. Two days before the platform collapsed, a staggering 1.8 billion USDT was transferred in batches to three new cryptocurrency addresses, while the main suspect has fled overseas.

From a Fake Company to Large-Scale Pyramid Schemes: The Evolution of Xinkangjia

In March 2021, several individuals registered a data service company using a combination of their names, with a registered capital of 30 million yuan. However, this company is actually a typical shell company, with no paid-in capital and no employees who have contributed to social security.

By May 2023, the company began operating the platform under the name of a large oil company. A few months later, it was renamed "DGCX Xin Kang Jia Data", claiming to be the official Chinese branch of an international commodity exchange. The platform claimed to be able to earn 2% daily, attracting a large number of investors.

The platform adopts a militarized pyramid scheme structure, dividing the country into four "battle zones" and promoting personnel according to military ranks. The rewards for recruiting others are substantial; for example, recruiting 500 people can earn a luxury car. This model has rapidly expanded across multiple provinces, forming a massive pyramid scheme network.

False Identities and Cross-Border Escapes

The mastermind behind Xinkangjia has created the image of a "Wall Street financial PhD" and a "senior executive of a certain oil company," claiming to accurately predict market trends. However, this is all false information. The photos used by the platform are actually impersonations of others, and the true identity of the person has long clarified that they are not involved in this matter.

There are rumors that the main suspect was involved in a large pyramid scheme project in their early years and played a significant role in an illegal pyramid scheme case involving an amount as high as 330 billion yuan.

When the main suspect noticed that the scam was about to collapse, he obtained a passport from a small country through investment immigration, enjoying visa-free access to many countries, and then fled overseas.

Impact of the Case and Regulatory Considerations

This case is a combination of "Ponzi schemes, pyramid schemes, and cross-border money laundering," characterized by the extensive use of stablecoins as a funding channel, which increases the concealment of the scam and the efficiency of fund transfer.

Recently, many local governments have begun to pay attention to the issue of stablecoins, and the regulation of stablecoins is also accelerating globally. However, scams are continually innovating their methods, using new technologies and concepts to attract victims.

This case reminds us once again that regardless of how financial innovation develops, the principle of being wary of overly high return promises and cautiously addressing investment risks remains unchanged. When faced with seemingly attractive investment opportunities, we need to maintain a rational and prudent attitude.