Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
"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 want to help you match it. I just took away the wealth that does not belong to your IQ. I hope you can thank me. Appreciate me. Remember this lesson I have given you."
Rumored image of 'Xin Kang Jia' founder's message
This extraordinarily arrogant 'farewell speech' is like a poisoned needle piercing the hearts of 2 million 'Xin Kang Jia' victims.
"Xin Kang Jia" disguises itself as a stablecoin, flying the flag of the Dubai Exchange, claiming to connect Dubai capital and signing a strategic cooperation agreement with China Petroleum, using the packaging of 'capital protection and high interest' to lure countless middle-aged and elderly people and individual business owners from third and fourth-tier cities to invest, ultimately falling into despair.
Currently, the platform cannot withdraw funds, 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 3 brand new cryptocurrency addresses.
From a shell to a 'militarized' pyramid scheme, how did Xin Kang Jia ensnare millions of victims?
In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered the 'Guizhou Xin Kang Jia Big Data Service Co., Ltd.' under their names, 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 contributors was zero, making it a typical shell company.
But the shell quickly became gilded. In May 2023, Xin Kang Jia launched on the 'China Petroleum' platform and was renamed 'DGCX Xin Kang Jia Data' in September, claiming to be the official Chinese branch of the 'Dubai Gold and Commodity Exchange', also touting 'connecting Middle East capital' and 'strategic cooperation with China Petroleum', claiming to earn 2% daily, attracting countless investors.
Members who download the 'DGCX Xin Kang Jia Data' app will follow 'teachers' for simulated operations, predicting market ups and downs; on the surface, it appears to be trading, but in reality, the backend can arbitrarily manipulate the rise and fall of data.
In addition, the platform uniformly uses USDT as a means of deposit and withdrawal, with all internal pricing settled in USDT. All members must convert RMB into USDT and then transfer it to the platform account.
This scam also uses 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 from 'Commander - General - Division Commander'. Recruit 50 people to become a Brigade Commander, earn a 15% commission, and recruit 500 people to receive a Porsche. The largest team in Yunnan alone has 150,000 members, and 100,000 in Jiangxi, forming a massive pyramid scheme network.
In fact, as early as October 2024, Gongxian County, Sichuan issued a risk warning, pointing out that the platform has no legal qualifications. However, most users still immersed themselves 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 its flaws.
In May 2025, the platform's withdrawal fee skyrocketed from 5% to 10%, requiring '30 working days of queuing' for withdrawals exceeding 50,000 yuan. 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, with 37 team leaders already arrested and over 120 million yuan of involved funds frozen.
Huang Xin's facade and escape
"Xin Kang Jia's" mastermind Huang Xin has previously portrayed himself as a 'Wall Street financial PhD' and 'senior executive of China Petroleum', claiming that he 'accurately predicted the surge in crude oil prices as early as 2015', trying to create a professional and authoritative financial persona.
However, the repeatedly used 'Huang Xin' photo by the platform is actually an impersonation of someone else's likeness; the person in the image is actually Hong Kong blogger 'Dr. Liang', who clarified on social media as early as 2024 that he has nothing to do with this matter.
Online rumors about Huang Xin's false personal profile
There are also rumors that Huang Xin was involved in pyramid schemes in his early years. Ten years ago, he allegedly participated in the 'Yun Lian Hui' capital plan, serving as the promotion leader in East China. This organization was identified by the Guangdong police in 2018 as a major illegal pyramid scheme, with an involved amount reaching 330 billion yuan and over 5 million members, which had crazily expanded under the guise of 'consumer rebates'.
In October 2024, sensing that the 'Xin Kang Jia' scam was about to collapse, Huang Xin obtained a Saint Kitts passport through investment immigration, allowing him to enjoy visa-free access to over 160 countries and regions. He is currently on the run overseas, and his whereabouts are unknown.
The 'Xin Kang Jia' explosion has left millions of families in anxiety and pain.
This case is a typical financial scam that combines 'Ponzi scheme + pyramid scheme + 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 funds to enter and exit, greatly enhancing the concealment and cross-border transfer efficiency of the scam.
Recently, the governments of Wuxi and Jinan have issued documents or transferred documents discussing stablecoins, and Hong Kong's (stablecoin regulations) are about to land. Global stablecoin regulation is accelerating, but scams riding this wave are constantly reinventing their scripts.
Bubbles may change their skin, but greed and trust are always the easiest chips to be harvested.