The stablecoin wealth management platform "Xinkangjia" has collapsed, with the amount involved reaching 13 billion yuan

ChainCatcher news, according to a report by Sing Tao Daily, a financial platform named "Xin Kang Jia" recently collapsed, affecting 2 million members and involving 13 billion RMB.

It is reported that "Xin Kang Jia" was founded in Guizhou in 2021, claiming to "connect Dubai capital and create a global wealth platform," and asserted that it utilized unique big data technology to conduct futures trading in gold, oil, and foreign exchange in the Middle East, promising investors astonishing returns of up to 2% daily interest. For example, if a member invests 100,000 USD, they could earn 2,000 USD daily, resulting in a monthly profit of 60,000 USD.

In addition, "Xin Kang Jia" claimed to have reached a 5-year strategic agreement with the state-owned enterprise PetroChina (857), which attracted a large number of investors; in fact, "Xin Kang Jia" was merely purchasing oil equipment from PetroChina.

Unlike traditional Ponzi schemes, "Xin Kang Jia" conducted transactions using USDT, leveraging the free circulation and decentralized features of stablecoins to transfer large sums of money overseas, making it difficult for law enforcement to trace.

As of June 26, the "Xin Kang Jia" platform collapsed, and members found they could not "withdraw funds." It is rumored that the platform transferred 1.8 billion USDT (approximately 12.9 billion RMB) in 12 batches to 3 new addresses.