Guangdong VKey Group Ponzi Scheme Unravels, Cryptocurrency Investment Losses Near 69 Million Yuan

BlockBeats News, May 3rd, according to Economic Observer report, China's Guangdong Jinkeyi Group collapsed in mid-April, involving approximately 1.34 billion yuan. Chairman Lin Chunhao announced that he had fled to the UK and admitted in his "farewell letter" that the funds had been completely depleted.

The group recruited investors through financial management seminars, promising an annual return of 6%-9%. The funds were used for P2P lending, stock trading, and cryptocurrency investments, with a cryptocurrency loss of 68.98 million yuan. Currently, the Shenzhen Public Security Economic Investigation Department has filed a case for investigation.