13 billion yuan, 2 million victims: Uncovering the largest case of "capital flight" involving stablecoins, "Xinkangjia"
"I just took away the wealth that doesn't match your intelligence."Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
"Hello comrades! Hello everyone! I am Mr. Huang. I have been abroad. The IQ of each person matches their wealth. Because your wealth does not match your IQ, I want to help you match it. I simply took 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" circulating online
This extremely arrogant "farewell speech" is like a poisoned needle, piercing the hearts of 2 million "Xinkangjia" victims.
"Xinkangjia" disguised itself as a stablecoin, waving the flag of the Dubai Exchange, claiming to connect Dubai capital and signing a strategic cooperation agreement with China National Petroleum Corporation. With the packaging of "guaranteed high returns," 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." under their names, with a registered capital of 30 million yuan. The initial legal representative was Shao Xinkang, 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." Pulling in 50 people would elevate one to Brigade Commander with a 15% commission, and pulling in 500 people would reward one with 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, raised red flags 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 "waiting 30 working days." On June 26, the platform completely shut down withdrawal channels, the system crashed, and the funds of millions of investors were completely frozen.
As of now, police in multiple regions across the country have launched investigations, and 37 team leaders have been arrested, with over 120 million yuan in involved funds frozen.
The Facade and Escape of Huang Xin
Huang Xin, the mastermind behind "Xinkangjia," 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 photo was Hong Kong blogger "Dr. Liang," who clarified on social media in 2024 that he had no connection to this matter.
Circulating false personal profile of Huang Xin
There are also rumors that Huang Xin was involved in pyramid schemes in his early years. Ten years ago, he allegedly participated in the "Yunlianhui" capital scheme, serving as the promotion head for East China. This organization was classified by Guangdong police in 2018 as a major illegal pyramid scheme case, with an involved amount reaching 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 has since fled overseas, and his whereabouts remain a mystery.
The collapse of "Xinkangjia" has left millions of families anxious and scarred.
This case is a typical financial fraud that combines "Ponzi scheme + pyramid scheme expansion + cross-border money laundering," but what is truly alarming is its "upgrade" in methodology: the comprehensive introduction of the stablecoin USDT as a channel for fund inflows and outflows, 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 skins, but greed and trust remain the easiest chips to be harvested.
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