Original Title: "13 Billion Yuan, 2 Million Victims: Uncovering the Largest Case of Stablecoin 'Rug Pull' - 'Xin Kangjia'"

Original Author: Fairy, ChainCatcher

"Hello, everyone! I am Mr. Huang. I am now overseas. Everyone's IQ is consistent with their wealth. As your wealth does not match your IQ, I am here to help you match them. I only took away the wealth that does not belong to your IQ level. I hope you can thank me. Be grateful to me. Remember the lesson I have given you this time."

Screenshot of a message left by the founder of 'Xin Kangjia' circulating on the internet

This extremely arrogant "farewell message," like a poisoned needle, pierced the hearts of 2 million victims of 'Xin Kangjia'.

'Xin Kangjia,' disguised in the cloak of a stablecoin, under the banner of a Dubai exchange, claiming to be linked to Dubai Capital, and having signed a strategic cooperation agreement with PetroChina, enticed numerous middle-aged and elderly individuals and small business owners from third and fourth-tier cities to invest funds through the packaging of "principal-guaranteed high interest," ultimately leading them into the abyss.

Today, the platform is unable to withdraw funds, and the mastermind, Huang Xin, has fled overseas. Two days before the collapse, a substantial amount of 18 billion USDT was split into 12 batches and transferred to 3 new cryptocurrency addresses.

From a Shell Company to "Militarized" Pyramid Scheme, How Did Xin Kangjia Trap Millions of Victims?

In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia established 'Guizhou Xin Kangjia Big Data Service Co., Ltd.' under their respective names, with a registered capital of 30 million yuan. The initial legal representative was Shao Xinkang, later changed to Liu Hailiang. However, the company's actual paid-in capital was zero, and the number of social security participants was zero, making it a typical shell company.

But the shell quickly appeared to be genuine. In May 2023, Xin Kangjia started its operations on the "PetroChina" platform and was renamed to "DGCX Xin Kangjia Data" in September, claiming to be the official Chinese branch of the "Dubai Gold and Commodities Exchange," with headlines such as "China Unicom Middle East Capital" and "Strategic Cooperation PetroChina," boasting a daily profit of 2%, attracting a large number of investors.

After members downloaded the 'DGCX Xin Kangjia Data' app, they would follow the 'teachers' to simulate operations, predict market trends, seemingly engage in trading, but in reality, the backend could manipulate the price movements at will. Additionally, the platform uniformly used USDT as the deposit and withdrawal method, and all internal pricing was settled in USDT. All members needed to convert RMB into USDT by themselves and then transfer it to the platform account.

This scam was also wrapped in a "militarized" pyramid scheme structure. The platform divided the country into four major "battle zones": East, South, West, and North. Promoters were promoted based on military ranks such as "Commander, General, and Division Commander." Pulling in 50 people would earn a promotion to Brigade Commander with a 15% commission, while pulling in 500 people would earn a Porsche. The largest team in Yunnan alone had 150,000 members, and Jiangxi had 100,000 members, forming a huge pyramid scheme network.

In fact, as early as October 2024, Gongan County in Sichuan issued a risk warning, pointing out that the platform had no legal qualifications. However, most users were still immersed in the fantasy of "making a stable and risk-free profit." It wasn't until 12 provinces including Hunan and Hubei consecutively flashed warning signals that the platform began to show its true colors. In May 2025, the platform's withdrawal fee soared from 5% to 10%, and withdrawals over 50,000 yuan required a "30-day waiting period." On June 26, the platform completely closed its withdrawal channel, causing the system to crash and millions of investors' funds to be completely frozen.

As of now, police in many parts of the country have filed cases for investigation. Thirty-seven team leaders have been captured, and over 120 million yuan in funds related to the case have been frozen.

Huang Xin's Mask and Escape

The mastermind behind "Xinkangjia," Huang Xin, had previously portrayed himself as a "Wall Street financial Ph.D." and a "PetroChina executive," claiming to have "accurately predicted the surge in oil prices as early as 2015," attempting to create a professional and authoritative financial image. However, the "Huang Xin" photo repeatedly used by the platform was actually a misappropriated image of another person. The person in the photo is Hong Kong blogger "Dr. Leung," who clarified in a social media post as early as 2024 that he had no connection to this matter.

Falsified personal profile of Huang Xin circulating online

There are also rumors that Huang Xin was involved in a pyramid scheme project in his early years. Ten years ago, he was suspected of participating in the "Cloud Alliance Benefits" capital plank, serving as the head of promotion in the East China region. This organization was identified by the Guangdong police in 2018 as a major illegal pyramid scheme involving a staggering 330 billion yuan, with over 5 million members, which had wildly expanded under the guise of "consumer rebates." In October 2024, anticipating the collapse of the "Xinkangjia" scam, Huang Xin obtained a Saint Kitts passport through investment immigration, granting him visa-free access to more than 160 countries and regions. Currently, he has fled overseas, and his whereabouts are unknown.

The "Xinkangjia" scam has left behind anxiety and scars for millions of families.

This case is a typical financial fraud involving a combination of a Ponzi scheme, pyramid scheme, and cross-border money laundering. What is truly alarming is its "upgrade" in tactics: the full integration of the stablecoin USDT as a fund inflow and outflow channel, significantly enhancing the fraud's stealthiness and cross-border transfer efficiency. Recently, the governments of Wuxi and Jinan have successively published articles or reposted content discussing stablecoins, and the Hong Kong "Stablecoin Regulation" is about to be implemented. Global stablecoin regulation is accelerating; however, scams riding this wave of enthusiasm are also continuously innovating their schemes.

A bubble may change its appearance, but greed and trust are always the most easily harvested chips.

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