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Stablecoin Scam Exposes in CN w/ 2M People Defrauded, Involving RMB13B: Wire
A fraud case involving stablecoins was recently exposed in mainland China, according to Chinese media. A financial management platform called “Xinkangjia” was recently ...
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Stablecoin Scam Exposes in CN w/ 2M People Defrauded, Involving RMB13B: Wire
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A fraud case involving stablecoins was recently exposed in mainland China, according to Chinese media. A financial management platform called “Xinkangjia” was recently spoiled, with more than 2 million members becoming victims, involving RMB13 billion.

“Xinkangjia” was founded in Guizhou in 2021, according to reports. The platform used futures trading in gold, oil and foreign exchange in Dubai in the Middle East, big data, USDT stablecoins and others as its highlights, and used high interest rates to attract a large number of investors by promising that they can earn returns of up to 2% per day.

Related NewsInflation Rate YoY for June in China is 0.1%, higher than the previous value of -0.1%. The forecast was 0.0%.

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