The stablecoin wealth management platform 'Xinkangjia' has exploded, with 2 million people defrauded of 13 billion yuan

According to a report by Golden Finance, a stablecoin fraud case has emerged in mainland China. A wealth management platform called "Xinkangjia" recently went viral, affecting 2 million members and involving 13 billion yuan. According to comprehensive online reports, "Xinkangjia" was founded in Guizhou in 2021 under the banner of "Connecting Dubai Capital and Building a Global Wealth Platform". It claims to use unique big data technology to conduct futures trading of gold, oil, and foreign exchange in the Middle East, promising investors astonishing returns of up to 2% per day. For example, if a member invests $100000, they can earn $2000 per day, resulting in a monthly profit of $60000. In addition, "Xinkangjia" also claimed to have reached a 5-year strategic agreement with the state-owned enterprise PetroChina (857), and a large number of investors joined as a result. In fact, "Xinkangjia" is only purchasing oil equipment from PetroChina. Unlike traditional Ponzi schemes, "Xinkangjia" uses USDT for transactions, leveraging the free circulation and decentralized characteristics of stablecoins to transfer huge amounts of money overseas, making it difficult for law enforcement authorities to trace. As of June 26th, the "Xinkangjia" platform has exploded, and members have found that they cannot "withdraw funds". It is rumored that the platform will transfer 1.8 billion USDT (approximately 12.9 billion RMB) in 12 batches to 3 new addresses. Today, the Office of the Shenzhen Special Task Force for Preventing and Combating Illegal Financial Activities issued a risk warning on the implementation of illegal fundraising under the guise of stablecoins and other assets.