Uncovering the first major stablecoin "capital flight" case "Xin Kangjia"

Author: Fairy, ChainCatcher

Editor: TB,

ChainCatcher

"Comrades! Hello everyone! I am Mr. Huang. I am already abroad. Everyone's IQ matches their wealth. Because your wealth does not match your IQ, I want you to match it. I just took away the wealth that does not match your IQ. I hope you can thank me. Be grateful to me. Remember the lesson I gave you this time."

Image of the message from the founder of "Xinkangjia" circulated on the Internet

This extremely rampant "farewell message" is like a poisoned needle that pierces the hearts of 2 million victims of "Xinkangjia".

"Xinkangjia" is dressed in the cloak of stable currency, under the banner of Dubai Exchange, claiming to be connected to Dubai Capital and signing a strategic cooperation agreement with PetroChina. With the packaging of "guaranteed principal and high interest", it lured countless middle-aged and elderly people and individual business owners in third- and fourth-tier cities to invest funds, and finally fell into the abyss.

Now, the platform cannot withdraw cash, and the mastermind Huang Xin has fled overseas. Two days before the collapse, a huge amount of funds as high as 1.8 billion USDT were divided into 12 batches and transferred to 3 new encrypted addresses.

From an empty shell to a "militarized" pyramid scheme, how did Xinkangjia trap millions of victims?

In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered "Guizhou Xinkangjia Big Data Service Co., Ltd." with their own name combinations, with a registered capital of 30 million yuan. The original legal person was Shao Xinkang, and later changed to Liu Hailiang. However, the company's paid-in capital is zero, the number of social security personnel is zero, and it is a typical empty shell company.

But the empty shell was soon coated with gold. In May 2023, Xinkangjia started with the "China Petroleum" platform, and renamed it "DGCX Xinkangjia Data" in September. It claimed to be the official Chinese branch of the "Dubai Gold and Commodities Exchange" and also brought out the gimmicks of "connecting Middle East capital" and "strategic cooperation with China Petroleum", claiming that it could earn 2% a day, attracting countless investors to flock in.

After members download the "DGCX Xinkangjia Data" App, they will follow the "teacher" to perform simulated operations and predict the rise and fall of the market. On the surface, it is a transaction, but in fact, the background can manipulate the rise and fall data at will.

In addition, the platform uniformly uses USDT as a means of deposit and withdrawal, and all internal pricing is settled in USDT. All members need to convert RMB into USDT by themselves and then transfer it to the platform account.

This scam also uses a "militarized" MLM structure. The platform divides the country into four "war zones" in the east, south, west and north, and promoters are promoted according to the ranks of "commander-army commander-division commander". If you recruit 50 people, you will be promoted to brigade commander and get a 15% commission. If you recruit 500 people, you will get a Porsche. The largest team in Yunnan has 150,000 members, and in Jiangxi, 100,000, forming a huge MLM network.

In fact, as early as October 2024, Gong County, Sichuan issued a risk warning, pointing out that the platform had no legal qualifications. But most users are still immersed in the fantasy of "guaranteed profit without loss". It was not until 12 provinces including Hunan and Hubei successively turned on the red light that the platform began to show its feet.

In May 2025, the platform's withdrawal fee soared from 5% to 10%, and more than 50,000 yuan required "queueing for 30 working days". On June 26, the platform completely closed the withdrawal channel, the system was paralyzed, and the funds of millions of investors were completely frozen.

So far, police in many parts of the country have filed a case for investigation, 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 Escape

Huang Xin, the mastermind behind "Xinkangjia", once packaged himself as a "Wall Street Finance Doctor" and "PetroChina Executive", and claimed that he "accurately predicted the surge in crude oil as early as 2015", trying to create a professional and authoritative financial persona.

However, the photo of "Huang Xin" repeatedly used by the platform is actually a false portrait of someone else. The person in the photo is actually a Hong Kong blogger "Dr. Liang". He himself posted a clarification on the social platform as early as 2024, saying that he had nothing to do with the matter.

False personal profile of Huang Xin circulated on the Internet

There are also rumors that Huang Xin was involved in pyramid schemes in his early years. Ten years ago, he was suspected of participating in the "Yunlianhui" capital plate and served as the promotion director in East China. In 2018, the organization was identified by the Guangdong police as a major illegal pyramid scheme case, involving a total amount of 330 billion yuan and more than 5 million members. It had expanded wildly under the banner of "consumption rebates".

In October 2024, Huang Xin, who had a premonition that the "Xinkangjia" scam was about to collapse, obtained a St. Kitts passport through investment immigration, which allowed him to enjoy visa-free treatment in more than 160 countries and regions. At present, he has fled overseas and his whereabouts are a mystery.

The collapse of "Xinkangjia" has left millions of families anxious and scarred.

This case is a typical financial fraud that combines "Ponzi scheme + pyramid scheme fission + cross-border money laundering", but what is really worth being vigilant about is its "upgrade" in methods: the full introduction of stable currency USDT as a channel for capital inflow and outflow has greatly improved the concealment of the scam and the efficiency of cross-border transfer.

Recently, the governments of Wuxi and Jinan have successively issued or forwarded documents to discuss stable currencies, and the Hong Kong "Stable Currency Ordinance" is about to be implemented. Global stable currency regulation is accelerating, but scams riding on this craze are also constantly renovating their scripts.

Bubbles will change their skins, but greed and trust are always the easiest chips to be harvested.