Original Author: Fairy, ChainCatcher
Original Editor: TB, ChainCatcher
"Comrades! Hello everyone! I am Mr. Huang. I am already abroad. Everyone's intelligence matches their wealth. Because your wealth does not match your intelligence, I want to help you match it. I have only taken away the wealth that does not match your intelligence, and I hope you will thank me. Be grateful to me. Remember the lesson I have bestowed upon you."
Circulating image of "XinKangJia" founder's message
This extremely arrogant "farewell speech" is like a poisoned needle, piercing the hearts of 200,000 "XinKangJia" victims.
"XinKangJia" disguised itself as a stablecoin platform, waving the banner of a Dubai exchange, claiming to connect with Dubai capital and signed a strategic cooperation agreement with PetroChina. By packaging itself with "guaranteed principal and high interest", it lured numerous middle-aged and elderly people and individual business owners from third and fourth-tier cities to invest, ultimately leading them into an abyss.
Now, the platform cannot be withdrawn, and the mastermind Huang Xin has fled overseas. Two days before the collapse, a massive amount of 1.8 billion USDT was transferred in 12 batches to 3 brand new crypto addresses.
From Shell Company to "Militarized" Pyramid Scheme: How Did XinKangJia Trap Hundreds of Thousands 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. Initially, the legal representative was Shao Xinkang, later changed to Liu Hailiang. However, the company's actual paid-in capital was zero, and the social security headcount was zero, typical characteristics of a shell company.
But the shell company quickly gained a golden sheen. In May 2023, XinKangJia started with the "China Petroleum" platform and renamed itself "DGCX XinKangJia Data" in September, claiming to be the official Chinese branch of the "Dubai Gold and Commodity Exchange". They boasted about "connecting with Middle Eastern capital" and "strategic cooperation with PetroChina", promising daily earnings of 2%, attracting numerous investors.
After members download the "DGCX XinKangJia Data" App, they follow a "teacher" to perform simulated operations, predicting market ups and downs. On the surface, it appears to be trading, but in reality, the backend can arbitrarily manipulate rise and fall data.
Additionally, the platform uniformly uses USDT for deposits and withdrawals, with all internal pricing settled in USDT. All members must convert RMB to USDT and then transfer it to their platform account.
This scam also employed a "militarized" pyramid scheme structure. The platform divided the country into four "war zones" - East, South, West, and North, with promotion personnel advancing through military ranks like "Commander-General-Division Commander". Recruiting 50 people promotes one to brigade commander with a 15% commission, and recruiting 500 people earns a Porsche. The largest team in Yunnan had 150,000 members, and Jiangxi had 100,000, 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 "guaranteed profit" fantasy. It was only when 12 provinces, including Hunan and Hubei, consecutively raised red flags that the platform began to show its true colors.
In May 2025, the platform's withdrawal fee skyrocketed from 5% to 10%, with withdrawals over 50,000 requiring a "30-working-day queue". On June 26, the platform completely closed withdrawal channels, the system collapsed, and hundreds of thousands of investors' funds were completely frozen.
So far, police in multiple regions have launched investigations, with 37 team leaders arrested and over 1.2 billion yuan in funds frozen.
Huang Xin's Mask and Escape
The mastermind behind "XinKangJia", Huang Xin, had packaged himself externally as a "Wall Street Financial Doctor" and "PetroChina Executive", claiming he "accurately predicted oil's surge as early as 2015" to create a professional and authoritative financial persona.
However, the repeatedly used "Huang Xin" photo was actually a stolen portrait, with the person in the image being a Hong Kong blogger "Dr. Liang", who had already clarified on social platforms in 2024 that he was unrelated to this matter.
Circulated false personal biography of Huang Xin
There are also rumors that Huang Xin had been involved in pyramid schemes early on. Ten years ago, he was allegedly part of the "Yunlian Hui" capital disk, serving as the promotion director for East China. The organization was identified as a major illegal pyramid scheme by Guangdong police in 2018, involving 330 billion yuan and over 5 million members, which had expanded wildly under the banner of "consumption rebates".
In October 2024, sensing the imminent collapse of the "XinKangJia" scam, Huang Xin obtained a Saint Kitts passport through investment immigration, which provides visa-free access to over 160 countries and regions. Currently, he has fled overseas, with his whereabouts unknown.
"XinKangJia" has collapsed, leaving behind anxiety and scars for hundreds of thousands of families.
This case is a typical financial fraud combining "Ponzi scheme + pyramid scheme expansion + cross-border money laundering", but what is truly worth being vigilant about is its "upgraded" methods: fully introducing USDT as a fund entry and exit channel, greatly enhancing the concealment and cross-border transfer efficiency of the scam.
Recently, governments in Wuxi and Jinan have consecutively discussed stablecoins, and Hong Kong's "Stablecoin Regulations" are about to be implemented. Global stablecoin regulation is accelerating, but scams riding this wave continue to innovate their scripts.
Bubbles may change their skin, but greed and trust remain the easiest chips to harvest.
