Stablecoin wealth management platform "Xinkangjia" has collapsed, involving 13.0 billion yuan.

According to Sing Tao Daily, a wealth management platform called "Xin Kang Jia" recently went bust, affecting 2.00 million members and involving 13.00 billion RMB. It is reported that "Xin Kang Jia" was founded in Guizhou in 2021, using the slogan "Connecting Dubai Capital to Create a Global Wealth Platform," claiming to use unique big data technology to conduct futures trading in gold, oil, and foreign exchange in the Middle East, promising investors an astonishing return of up to 2.00% daily interest. For example, members who invest $100,000.00 USD can earn $2,000.00 USD per day, with a monthly profit of $60,000.00 USD. In addition, "Xin Kang Jia" also claimed to have reached a 5-year strategic agreement with the central enterprise China National Petroleum Corporation (857), which led many investors to join. In fact, "Xin Kang Jia" only purchased petroleum equipment from China National Petroleum Corporation. Unlike traditional Ponzi schemes, "Xin Kang Jia" uses $USDT for transactions, using the free circulation and decentralized characteristics of stablecoins to transfer huge sums of money overseas, making it difficult for law enforcement authorities to track down. On June 26, the "Xin Kang Jia" platform went bust, and members found that they could not withdraw funds. It is rumored that the platform transferred 1.80 billion $USDT (approximately 12.90 billion RMB) in 12 batches to 3 new addresses. [ChainCatcher]