On August 6, 2025, at 3 a.m., a glaring funding curve on the blockchain browser suddenly plummeted — the AJE token liquidity pool of Jubi Exchange evaporated by 98.7% in 10 minutes, as 1.6 billion yuan seemed to be swallowed by a black hole, instantly clearing the accounts of tens of thousands of investors.
When investors woke from their sleep, the Jubi official website had only one cold announcement: "All operations are suspended due to security risks in trading parameters." These 12 words became the last straw that broke countless families.
From the 'Blockchain 3.0 Myth' to 'Death Harvesting': a carefully woven scam.
Three months ago, the CEO of Jubi shouted at the Dubai Blockchain Summit: 'The 5M protocol will rewrite industry rules!' This so-called 'dynamic staking mining' innovative project, using 'high returns, low risks' rhetoric, lured 110,000 investors into the trap.
After the crash, Slow Mist Technology's audit report revealed the facade.
The centralization index of computing power is as high as 0.78 (the safe value should be below 0.3), which means that a few individuals hold absolute control.
The smart contract hides a 'recursive call vulnerability,' allowing the project party to withdraw funds infinitely at any time.
24 hours before the crash, 47 million AJE were quietly transferred to a mixing service, erasing traces of the funds.
"So-called technological innovation is merely packaging the 'harvesting program' as blockchain code." Professor Zhang Mingyu from the Central University of Finance and Economics bluntly stated that the essence of such projects is "Ponzi scheme + technological sleight of hand" — using new investors' money to pay old investors' 'returns' until there are no more takers, then activating the 'self-destruct button.'
Blood and tears accounts: Lives crushed.
"That was my child's three years of university tuition!" Ms. Zhang from Beijing flipped through her transaction records. The 300,000 she invested in March had once risen to 480,000, but now it was just a string of zeros. In this disaster, such stories are everywhere.
Mr. Wang from Hangzhou mortgaged his only home, and 1.7 million in retirement savings vanished, now wandering on the rooftop every night.
A 90s entrepreneur from Shenzhen’s 600,000 marriage fund became a 'sacrifice' to the scam, and the wedding invitation has long been torn to shreds.
A couple of farmers in Hebei saved 280,000 yuan of hard-earned money over eight years, intending to build a house for their son, but now they have lost even the seed money.
What is even more chilling is the 'systematic silence': the last message in the official Jubi community was left on August 6 at 5:17 — "The technical team is fixing it," while blockchain data showed that at that moment, the project's associated wallet had just transferred away the last 8 million dollars. Rights protection calls could not get through, and the customer service chat box forever displayed 'in queue,' leaving investors feeling like they were thrown into a silent abyss.
New perspective: Recognizing 3 signals of the 'death harvesting chain' (early detection can help avoid pitfalls).
This crash is not accidental, but a typical script of 'aircoin harvesting.' Reviewing the entire process, there were indeed early warning signals.
"High returns + guaranteed profits" contradictory rhetoric.
The 5M protocol claims 'monthly returns of 30%, capital guaranteed,' but in the blockchain world, returns are always proportional to risks. Any project that frequently mentions 'guaranteed profits' essentially utilizes 'certainty' to harvest greed."Technical black box" style packaging.
The project party never discloses core code; audit reports only show blurry snippets but repeatedly emphasize 'decentralization' and 'smart contract security.' A real blockchain project should have open-source code, and vulnerabilities should be publicly verifiable."Celebrity endorsements + overseas summits" hype tactics.
From the Dubai summit to endorsements by 'blockchain tycoons,' the essence is to use 'authority halo' to lower investors' vigilance. Remember: platform fees are often paid with investors' money; the more high-profile the hype, the more likely it is preparing 'fare' for fleeing.
Latest developments: Justice will not be absent.
72 hours after the crash, the event welcomed a turning point.
The Hainan police have filed a case against Jujian Technology (the operating entity of Jubi) for suspected 'illegal public deposit collection.'
The Monetary Authority of Singapore has frozen the accounts of three associated companies, intercepting approximately 120 million dollars.
A 3.2GB evidence package (including transfer records and chat logs) compiled by victims has been submitted to the Securities Regulatory Commission.
Beijing Weihe Law Firm has formed a multinational litigation team, planning to hold the platform accountable.
Interestingly, a certain 'blockchain influencer' who once cheered for the project deleted all related tweets overnight, leaving only a new update stating "focusing on technical popularization."
The words of Di Gang, deputy director of the Central Bank Digital Currency Research Institute, were striking: "Financial innovation detached from the real economy is essentially a game of hot potato; when the music stops, only the chives are left behind."
The cold traces left by 1.6 billion in funds on the blockchain became the heaviest footnote of this summer. It serves as a reminder to everyone: when the 'myth of sudden wealth' sounds its alarm, the hand that covers the wallet is more dignified than the one that reaches out.
May this bloody lesson help more people see clearly: all 'wealth celebrations' that do not create real value are ultimately epitaphs written for the chives.
Continuously follow A2Z ASR BIO BB APELL ILV.