13 billion evaporates, 2 million families suffer: the shocking stablecoin scam “Xinkangjia” comes to an end
Author: Fairy, ChainCatcher
Edited by TB, ChainCatcher
Original title: 13 billion yuan, 2 million victims: “Xin Kangjia”, the biggest stablecoin “capital theft” case from the beginning
“Hello comrades! Hello everyone! I'm Mr Wong. I'm already abroad. Everyone's IQ matches their wealth. Because your wealth doesn't match your IQ, I want you to match it; I just took the wealth that didn't match your IQ. I hope you can thank me. Thanks to me. Remember the lessons I taught you this time.”
A message from the founder of “Xinkangjia” was posted online
This extremely aggressive “farewell speech” penetrated the hearts of 2 million “Xinkangjia” victims, like a poison needle.
Under the guise of a stablecoin and under the banner of the Dubai Stock Exchange, “Xin Kang Jia” claims to have connected Dubai Capital and signed a strategic cooperation agreement with CNPC to induce countless middle-aged and elderly people and sole proprietors in third- and fourth-tier cities to invest in capital, eventually falling into the abyss.
Today, the platform is unable to withdraw money, and the mastermind, Huang Xin, has absconded overseas. Two days before the crash, huge sums of up to 1.8 billion USDT were split into 12 batches and transferred to 3 brand new crypto addresses.
From empty shells to “militarized” pyramid schemes, how did Xin Kangjia lock in one million victims?
In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered “Guizhou Xinkang Jiada Data Service Co., Ltd.” under their respective names, with a registered capital of 30 million yuan. The initial legal entity was Shao Xinkang, and later changed to Liu Hailiang. However, the company has zero paid-up capital and zero social security personnel, making it a typical shell company.
But the empty case was quickly gold-plated. In May 2023, Xinkangjia started with the “CNPC” platform and renamed “DGCX Xinkangjia Data” in September, claiming to be the official Chinese division of the “Dubai Gold and Commodities Exchange”. It also moved out of the “Connect Middle East Capital” and “Strategic Cooperation with CNPC” gimmicks, claiming that it can earn 2% a day, attracting countless investors to flock in.
After the members download the “DGCX Xinkangjia Data” app, they will follow the “teacher” to perform simulations to predict the rise and fall of the market. On the surface, it is a transaction; in fact, the back office can freely manipulate the rise and fall data.
Furthermore, the platform uniformly uses USDT as a deposit and withdrawal method, and all internal pricing is settled in USDT. All members are required to convert RMB into USDT by themselves and then transfer to the platform account.
The scam also has a “militarized” pyramid scheme structure. The platform divides the country into four major “war zones” in the east, south, west, and north, and promoters are promoted according to the rank of “commander - military chief - division chief”. Get 50 people to become brigadiers, get a 15% commission, and get 500 people to get a Porsche. Among them, the largest Yunnan team had 150,000 members and 100,000 in Jiangxi, forming a huge MLM network.
In fact, as early as October 2024, Yixian County in Sichuan issued a risk warning, indicating that the platform had no legal qualifications. However, most users are still immersed in the fantasy of “making steady profits without compensation.” It wasn't until 12 provinces, including Hunan and Hubei, turned on red lights one after another that the platforms began to show their feet.
In May 2025, the platform's withdrawal fee soared from 5% to 10%, and more than 50,000 yuan required “30 working days in line”. On June 26, the platform completely closed the withdrawal channel, the system was paralyzed, and millions of investors' funds were completely frozen.
Up to now, police in many parts of the country have opened investigations, 37 team leaders have been arrested, and more than 120 million yuan of funds involved in the case have been frozen.
Huang Xin's Mask and Escapist
Huang Xin, the mastermind behind “Xinkangjia,” once branded as a “Wall Street Finance Doctor” and “CNPC Executive,” and claimed that he “accurately predicted the sharp rise in crude oil as early as 2015” in an attempt to create a professional and authoritative financial personality.
However, the “Huang Xin” photo repeatedly used on the platform actually fraudulently used someone else's portrait. The person in the picture was actually Hong Kong blogger “Dr. Leung”. He himself posted an article on a social networking platform as early as 2024 clarifying that he had nothing to do with this.
The Internet spread that Huang Xin's false profile was false
There are also rumors that Huang Xin was involved in MLM projects in his early years. Ten years ago, he was suspected to have participated in the “Yunlianhui” capital market and was the head of promotion in East China. The organization was characterized by the Guangdong police as a large-scale illegal pyramid scheme case in 2018. The amount involved reached 330 billion yuan, had more than 5 million members, and expanded wildly under the banner of “consumer rebates.”
In October 2024, Huang Xin, who anticipated that the “Xinkangjia” scam was about to collapse, obtained a St. Kitts passport through investment immigration, which gave him visa-free treatment in more than 160 countries and regions. Currently, they have absconded overseas, and their whereabouts are a mystery.
The “Xinkangjia” thunderstorm left millions of families anxious and scarred.
This case is a typical “Ponzi scheme + pyramid scheme fission + cross-border money laundering” financial fraud, but what is really worth wary of is its “upgrade” in approach: the full introduction of the stablecoin USDT as a channel for capital entry and exit has greatly improved the concealment of the scam and the efficiency of cross-border transfers.
Recently,Wuxi、JinanThe government has successively issued or transferred articles discussing stablecoins, and Hong Kong's “Stablecoin Ordinance” is about to be implemented. Global stablecoin regulation is progressing at an accelerated pace, yet scams that follow this boom are also constantly revising the script.
Bubbles change skin, but greed and trust are always the easiest chips to be harvested.
