Original Fairy ChainCatcher July 08, 2025, Guangdong
Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Hello comrades! Hello everyone! I am Mr. Huang. I am already abroad. Everyone's IQ matches their wealth. Since your wealth does not match your IQ, I want to help you match them; I have merely taken away wealth that does not belong to your level of intelligence. I hope you can thank me. Be grateful to me. Remember this lesson I have given you.
The rumored founder of 'Xinkangjia' leaves a message
This extremely rampant 'farewell message' is like a poisoned needle, piercing the hearts of 2 million 'Xinkangjia' victims.
'Xinkangjia' dressed in the garb of stablecoins, claiming to connect Dubai capital, signed a strategic cooperation agreement with China Petroleum, and using the packaging of 'capital preservation with high interest,' lured countless middle-aged people and individual business owners from third and fourth tier cities to invest, ultimately falling into despair.
Now, the platform cannot process withdrawals, and mastermind Huang Xin has fled overseas. Two days before the collapse, a whopping 1.8 billion USDT was divided into 12 batches and transferred to three brand new cryptocurrency addresses.
From a shell to 'militarized' pyramid schemes, 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.' using their names, with a registered capital of 30 million yuan. The initial legal representative was Shao Xinkang, later changed to Liu Hailiang. However, the company had zero paid-in capital and zero social security participants, making it a typical shell company.
But the shell quickly became gilded. In May 2023, Xinkangjia launched on the 'China Petroleum' platform and was renamed 'DGCX Xinkangjia Data' in September, claiming to be the official branch of the 'Dubai Gold and Commodity Exchange' in China, and touting 'strategic cooperation with China Petroleum,' claiming to earn 2% daily, attracting countless investors.
After members download the 'DGCX Xinkangjia Data' App, they will follow 'teachers' for simulated operations, predicting market fluctuations; on the surface, it seems like trading, but in reality, the backend can manipulate the rise and fall data at will.
Moreover, the platform uniformly uses USDT as the means of capital inflow and outflow, with internal pricing also settled entirely in USDT. All members must exchange Renminbi for USDT before transferring it to the platform account.
This scam is also layered with a 'militarized' pyramid structure. The platform divides the country into four major 'war zones' - East, South, West, North, with promoters promoted by military ranks such as 'Commander - General - Division Commander.' Recruit 50 people to become a Brigade Commander, earn a 15% commission, 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 network.
In fact, as early as October 2024, Gong County in Sichuan issued a risk warning, pointing out that the platform had no legal qualifications. However, most users were still immersed in the illusion of 'guaranteed profits.' It wasn't until 12 provinces, including Hunan and Hubei, raised red flags that the platform began to show its true colors.
In May 2025, the platform withdrawal fee surged from 5% to 10%, and withdrawals over 50,000 yuan required '30 working days to queue.' 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 regions across the country have initiated investigations, and 37 team leaders have been arrested with over 120 million yuan of funds frozen.
Huang Xin's mask and escape
Huang Xin, the mastermind behind 'Xinkangjia,' once presented himself as a 'Wall Street financial PhD' and 'executive of China Petroleum,' claiming to have accurately predicted the surge in oil prices as early as 2015, trying to create a professional and authoritative financial persona.
However, the frequently used photo of 'Huang Xin' on the platform is actually an impersonation of another person; the person in the image is actually Hong Kong blogger 'Dr. Liang,' who clarified on social media in 2024 that he has nothing to do with 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 project, serving as the promoter for the East China region. This organization was classified by Guangdong police in 2018 as a major illegal pyramid scheme case involving up to 330 billion yuan and over 5 million members, which wildly expanded under the guise of 'consumer rebates.'
In October 2024, Huang Xin, sensing that the 'Xinkangjia' scam was about to collapse, obtained a St. Kitts passport through investment immigration, which allows him visa-free access to over 160 countries and regions. Currently, he has fled overseas, and his whereabouts are a mystery.
'Xinkangjia' collapsing has left millions of families in anxiety and wounds.
This case is a typical financial fraud that combines 'Ponzi schemes + pyramid scheme fissions + cross-border money laundering,' but what is truly alarming is its 'upgrade' in methods: comprehensively introducing stablecoin USDT as a channel for capital flow, significantly enhancing the scam's concealment and cross-border transfer efficiency.
Recently, the governments of Wuxi and Jinan have issued documents discussing stablecoins, and the Hong Kong (stablecoin regulations) are about to be implemented. Global stablecoin regulation is accelerating, but scams riding this wave are constantly updating their scripts.
Bubbles may change their appearances, but greed and trust are always the easiest chips to be harvested.