The stablecoin investment platform "Xinkangjia" has exploded, with 2 million people defrauded of 13 billion.

[Stablecoin investment platform "Xin Kang Jia" collapses, 2 million people defrauded of 13 billion] According to reports from Sing Tao Daily, a stablecoin fraud case has emerged in mainland China. An investment platform named "Xin Kang Jia" recently collapsed, affecting 2 million members and involving 13 billion yuan. According to online reports, "Xin Kang Jia" was founded in Guizhou in 2021, claiming to "connect Dubai capital, creating a global wealth platform" and announcing the use of unique big data technology for futures trading in gold, oil, and forex in the Middle East, promising investors an astonishing return of up to 2% daily interest. For example, if a member invests $100,000, they could earn $2,000 daily, resulting in a monthly profit of $60,000. Additionally, "Xin Kang Jia" claimed to have reached a 5-year strategic agreement with the central enterprise China National Petroleum Corporation (857), leading many investors to join; in reality, "Xin Kang Jia" was merely purchasing oil equipment from China National Petroleum. Unlike traditional Ponzi schemes, "Xin Kang Jia" uses USDT for transactions, leveraging the free flow and decentralized characteristics of stablecoins to transfer large sums of money overseas, making it difficult for law enforcement to trace. By June 26, the "Xin Kang Jia" platform exploded, and members found it impossible to "withdraw funds." It is reported that the platform transferred 1.8 billion USDT(, approximately 12.9 billion RMB), in 12 batches to 3 new addresses. Today, the Shenzhen Municipal Office for the Prevention and Combat of Illegal Financial Activities issued a risk warning regarding illegal fundraising under the guise of stablecoin and other names.