In the early hours of August 6, 2025, while most people were still asleep, an anomalous data point in the blockchain world had stirred up a storm. Slow Mist Technology's monitoring system showed that the AJE token funding pool launched by Jubi Exchange evaporated 98.7% in just 10 minutes, instantly wiping out investor assets worth 1.6 billion yuan.

When investors finally reacted from their shock, the official announcement from Jubi was just a light statement: "All business is suspended due to security risks in trading parameters." These 12 characters became the epitaph for the lifelong savings of tens of thousands of families.

From "Blockchain 3.0 Milestone" to Harvesting Tools

Three months ago, at the Dubai Blockchain Summit, the CEO of Jubi passionately declared that the AJE token, equipped with the 5M protocol, was an innovative creation of "dynamic staking mining" that would lead blockchain into the 3.0 era. This set of technical jargon, which sounded profound and inscrutable, attracted over 110,000 investors to flock in.

After the collapse, the concealed truths were gradually unveiled: the audit report from Slow Mist Technology had already warned in red that the smart contract had a fatal recursive calling vulnerability, equivalent to leaving a "withdrawal backdoor" for the project party; the concentration index of computing power reached as high as 0.78, far exceeding the safe line of the normal value of 0.3, meaning that a few accounts could control the entire situation; Chainalysis's on-chain tracking further showed that 47 million AJE coins had been quietly transferred through mixers in the 24 hours before the collapse.

"So-called technological innovation is just writing a Ponzi scheme into code." Professor Zhang Mingyu from the Central University of Finance and Economics analyzed that this intricately designed system essentially uses the money from new investors to pay the "high returns" of old investors. Once the inflow of funds is interrupted, it will trigger a pre-set "self-destruction program."

Crushed lives: from wealth on paper to having nothing

Ms. Zhang in Beijing still retains complete transaction records: in March, she invested 300,000 for her child's college tuition, and at its peak, the account showed 480,000, making her feel that she had "seized the opportunity to change her destiny". Now, only a string of cold numbers remains.

Such stories are repeatedly reenacted among the victims: Mr. Wang in Hangzhou mortgaged his property and invested 1.7 million of his retirement money, intending to secure his retirement life; a post-90s entrepreneur in Shenzhen invested 600,000 of his wedding fund, planning to get married at the end of the year; a couple of vegetable farmers in Hebei saved 280,000 in hard-earned money over 8 years, which was supposed to be life-saving money for their son's treatment.

What is even more chilling is the lack of recourse for protecting rights. The last announcement from the official Jubi community was posted on August 6 at 5:17, stating, "The technical team is working hard to fix the issue, please be patient," but on-chain data clearly shows that, at this point, the project party's related wallet had completed the last three transactions, totaling 8 million dollars in asset transfers.

72 hours after the collapse, the event welcomed a turning point: the Hainan police launched an investigation against Juchain Technology, the Monetary Authority of Singapore froze related company accounts, and the 3.2GB evidence package voluntarily organized by victims was submitted to the Securities Regulatory Commission. The securities team from Beijing Wei Heng Law Firm is also forming a multinational litigation team. Meanwhile, a certain "blockchain giant" who previously supported the project had already silently deleted all related tweets.

The illusion eventually turns to dust

Di Gang, deputy director of the Central Bank Digital Currency Research Institute, has repeatedly reminded: "Financial innovation that is detached from the real economy is ultimately a tower built on sand." Now, the traces left by the 1.6 billion yuan that vanished on the blockchain resemble invisible warning monuments.

This capital hunting, packaged in technology, once again confirms a simple truth: when the temptation of the "get-rich-quick myth" sounds, the rational act of covering your wallet is always more important than the impulse to open it.