'Hello comrades! 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 will make you match; I just took away wealth that does not belong to your IQ. I hope you can thank me. Be grateful to me. Remember this lesson I have given you.'
Rumored 'Xinkangjia' founder's message image
This extremely arrogant 'farewell speech' pierced the hearts of 2 million 'Xinkangjia' victims like a poisoned needle.
'Xinkangjia' disguised itself as a stablecoin, claiming to be associated with the Dubai Exchange, asserting connections with Dubai capital and signing strategic cooperation agreements with China National Petroleum Corporation. Through the packaging of 'capital preservation with high interest', it lured countless middle-aged and elderly individuals and individual business owners from third and fourth-tier cities to invest, ultimately leading them to a deep abyss.
Currently, the platform cannot withdraw funds, and the mastermind Huang Xin has fled abroad. Two days before the collapse, a massive fund of 1.8 billion USDT was divided into 12 batches and transferred to three brand new cryptocurrency addresses.
From a shell to a 'militarized' pyramid scheme, how did Xinkangjia trap millions of victims?
In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered 'Guizhou Xinkangjia Big Data Service Co., Ltd.' under their respective names, with a registered capital of 30 million yuan. The initial legal representative was Shao Xinkang, later changed to Liu Hailiang. However, the company's paid-in capital is zero, with zero social security personnel, making it a typical shell company.
However, the shell quickly gained a golden sheen. In May 2023, Xinkangjia launched as the 'China Petroleum' platform and in September was renamed 'DGCX Xinkangjia Data', claiming to be the Chinese official branch of the 'Dubai Gold and Commodity Exchange', also bringing out the gimmick of 'connecting Middle Eastern capital' and 'strategic cooperation with China National Petroleum', stating it could earn 2% daily, attracting countless investors.
After members download the 'DGCX Xinkangjia Data' app, they will follow the 'teachers' for simulated operations, predicting market fluctuations. On the surface, this is trading, but in reality, the data can be manipulated at will in the background.
In addition, the platform uniformly uses USDT as the method for deposits and withdrawals, and all internal pricing is settled in USDT. All members must convert RMB into USDT themselves before transferring it to the platform account.
This scam is also wrapped in a 'militarized' pyramid scheme structure. The platform divides the country into four major 'battle zones': East, South, West, and North, with promoters promoted according to military ranks of 'Commander - General - Division Commander'. Bringing in 50 people promotes one to Brigade Leader, earning a 15% commission; bringing in 500 people earns a Porsche. Among them, the largest team in Yunnan alone has 150,000 members, and Jiangxi has 100,000, forming a vast pyramid scheme network.
In fact, as early as October 2024, Gongxian County in Sichuan issued a risk warning, pointing out that the platform has 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 reveal its flaws.
In May 2025, the platform's withdrawal fee skyrocketed from 5% to 10%, and withdrawals over 50,000 yuan required a '30 working days wait'. 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 opened investigations, and 37 team leaders have been arrested, with over 120 million yuan of involved funds frozen.
Huang Xin's facade and escape
Huang Xin, the mastermind behind 'Xinkangjia', previously presented himself as a 'Wall Street PhD in finance' and a 'senior executive at China National Petroleum Corporation', claiming he 'accurately predicted the surge in crude oil prices as early as 2015', attempting to create a professional and authoritative financial persona.
However, the photo of 'Huang Xin' repeatedly used by the platform is actually an impersonation of someone else's likeness; the person in the image is Hong Kong blogger 'Dr. Liang', who clarified on social media in 2024 that he has no connection to this matter.
Rumored 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 the East China region. This organization was classified by Guangdong police in 2018 as a major illegal pyramid scheme, involving an amount as high as 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, granting him visa-free access to over 160 countries and regions. He has since fled abroad, and his whereabouts remain a mystery.
'Xinkangjia' exploding left behind anxiety and scars for millions of families.
This case is a typical financial fraud that combines 'Ponzi scheme + pyramid scheme expansion + cross-border money laundering', but what deserves real vigilance is its 'upgrade' in techniques: fully introducing stablecoin USDT as a channel for fund inflow and outflow, greatly enhancing the scam's concealment and cross-border transfer efficiency.
Recently, the governments of Wuxi and Jinan have issued documents or transferred documents discussing stablecoins, and Hong Kong's stablecoin regulations are about to be implemented. Global stablecoin regulation is accelerating, yet scams riding this wave continue to innovate their scripts.
Bubbles may change their skins, but greed and trust are always the easiest chips to harvest.