Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
"Comrades, hello! Hello everyone! I am Mr. Huang. I am already abroad. Everyone's IQ matches their wealth. Because your wealth does not match your IQ, I want to help you match it. I have simply taken away the wealth that does not belong to your IQ level, and I hope you can thank me. Be grateful to me. Remember this lesson I have given you."
Image of a message from the founder of "Xinkangjia"
This extremely arrogant "farewell message" is like a poisoned needle, piercing the hearts of 2 million "Xinkangjia" victims.
"Xinkangjia," disguised as a stablecoin, waved the flag of the Dubai Exchange, claiming to connect Dubai capital and sign a strategic cooperation agreement with China National Petroleum Corporation. With the packaging of "capital preservation and high interest," it lured countless middle-aged and elderly individuals and small business owners from third- and fourth-tier cities to invest, ultimately leading them into the abyss.
Now, the platform cannot process withdrawals, and the mastermind Huang Xin has fled overseas. Two days before the collapse, a staggering 1.8 billion USDT was transferred in 12 batches to three brand new cryptocurrency addresses.
From Shell Company to "Militarized" Pyramid Scheme: How Xinkangjia Trapped Millions of Victims?
In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered "Guizhou Xinkangjia Big Data Service Co., Ltd." with a registered capital of 30 million yuan, initially with Shao Xinkang as the legal representative, later changed to Liu Hailiang. However, the actual paid-in capital was zero, and the number of social security participants was zero, making it a typical shell company.
But the shell quickly became gilded. In May 2023, Xinkangjia launched on the "China National Petroleum" platform and was renamed "DGCX Xinkangjia Data" in September, claiming to be the official Chinese branch of the "Dubai Gold and Commodity Exchange." It also touted "connecting Middle Eastern capital" and "strategic cooperation with China National Petroleum," claiming daily profits of 2%, attracting countless investors.
After members downloaded the "DGCX Xinkangjia Data" app, they would follow "teachers" for simulated operations, predicting market fluctuations. On the surface, it appeared to be trading, but in reality, the backend could manipulate the rise and fall data at will.
Additionally, the platform uniformly used USDT as the means for deposits and withdrawals, with all internal pricing settled in USDT. All members had to convert their RMB into USDT before transferring it to the platform account.
This scam was also wrapped in a "militarized" pyramid scheme structure. The platform divided the country into four major "battle zones": East, South, West, and North, with promoters promoted according to military ranks of "Commander - General - Division Commander." Recruit 50 people to become a Brigade Commander and earn a 15% commission, recruit 500 people to receive a Porsche. The largest team in Yunnan alone had 150,000 members, with 100,000 in Jiangxi, forming a massive pyramid scheme network.
In fact, as early as October 2024, Gongxian County in Sichuan issued a risk warning, pointing out that the platform had no legal qualifications. However, most users remained immersed in the fantasy of "guaranteed profits." It wasn't until 12 provinces, including Hunan and Hubei, lit up red lights that the platform began to show signs of trouble.
In May 2025, the platform's withdrawal fee skyrocketed from 5% to 10%, and withdrawals over 50,000 yuan required "30 working days of queuing." On June 26, the platform completely closed the withdrawal channel, the system crashed, and the funds of millions of investors were completely frozen.
As of now, police in many parts of the country have launched investigations, and 37 team leaders have been arrested, with over 120 million yuan in involved funds frozen.
Huang Xin's Facade and Escape
The mastermind behind "Xinkangjia," Huang Xin, once presented himself as a "Wall Street financial PhD" and "senior executive of China National Petroleum," claiming he "accurately predicted the surge in oil prices as early as 2015," attempting to create a professional and authoritative financial persona.
However, the repeatedly used photos of "Huang Xin" were actually impersonations of others; the person in the image was Hong Kong blogger "Dr. Liang," who clarified on social media in 2024 that he had no connection to this matter.
Rumored false personal profile of Huang Xin
There are also rumors that Huang Xin had previously been involved in pyramid schemes. Ten years ago, he allegedly participated in the "Yunlianhui" capital scheme, serving as the promoter for the East China region. This organization was classified by Guangdong police in 2018 as a major illegal pyramid scheme case, with an involved amount of up to 330 billion yuan and over 5 million members, expanding wildly under the guise of "consumer rebates."
In October 2024, sensing that the "Xinkangjia" scam was about to collapse, Huang Xin obtained a St. Kitts passport through investment immigration, which granted him visa-free access to over 160 countries and regions. He is currently on the run overseas, with his whereabouts unknown.
The collapse of "Xinkangjia" has left millions of families anxious and scarred.
This case is a typical example of a financial scam combining "Ponzi scheme + pyramid scheme expansion + cross-border money laundering," but what is truly alarming is its "upgrade" in methods: the comprehensive introduction of the stablecoin USDT as a channel for funds, greatly enhancing the scam's concealment and cross-border transfer efficiency.
Recently, the governments of Wuxi and Jinan have issued documents discussing stablecoins, and Hong Kong's "Stablecoin Regulation" is about to be implemented. Global regulation of stablecoins is accelerating, yet scams riding this wave continue to refresh their scripts.
Bubbles may change their skin, but greed and trust remain the easiest chips to be harvested.
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