鑫慷嘉這場涉及超過200萬人、造成高達129億人民幣資金蒸發的龐大詐騙案，是近年中國最具代表性、手法最精緻的金融詐騙之一。它以「國際金融投資」為包裝，以高利息作為誘餌，結合傳銷模式與加密貨幣技術，打造出看似合法卻處處陷阱的龐氏騙局，最終在一夜之間精准收割。

這場詐騙的核心手法，是以打著迪拜交易所的名義，宣稱是聯通迪拜資本並與中國中石化簽屬合作契約。2021年3月主嫌黃鑫、邵馨慷、王彦嘉成立“贵州鑫慷嘉大数据服务有限公司”，對外號稱每日可賺2%，展開非法吸金，鎖定中國三四線城市的中老年人跟投資人。強調可透過量化交易、大數據套利、USDT理財等方式，為投資人帶來高的「穩定收益」。這種高於市場水準的報酬率，自然吸引大量想要快速致富的民眾投入資金。

在實際操作上，鑫慷嘉並未提供任何實質交易或投資產品，而是以「拉人頭、裂變返利」為主要手段運營平台，實質上是典型的金字塔式傳銷。參與者只要推薦他人註冊投資，就可獲得直推獎金與下線收益分成，形成極強的社群擴散力與動態造勢效應。在短短的時間，平台累積用戶超過200萬人，資金池迅速膨脹。

為了規避中國境內資金監管與打擊非法集資的風險，鑫慷嘉利用穩定幣（USDT）作為主要資金流通工具，所有投資人需將人民幣兌換成USDT後再轉入平台。USDT是一種與美元掛鉤的穩定幣，可在各種加密貨幣錢包與交易所中自由流通，具有匿名性與跨境轉移的便捷特性。參與者需將人民幣兌換為USDT後存入平台錢包，再由平台統一轉為內部「投資金」，實際上這些資金並未用於任何實際交易，而是被高層逐層提現轉出或轉入境外加密錢包洗錢。

整個平台在2024年底開始出現「無法提現」、「客服失聯」、「平台維護」等異常現象，最終於2025年初徹底關停。大量投資者資金無法追回，社群陷入崩潰，而主要負責人則早已提前潛逃，資金經由USDT轉換後流入難以追蹤的加密貨幣錢包中，實現「乾淨斷尾」式的精准跑路。

該案引發輿論與監管機構強烈關注，不僅揭示新型詐騙如何藉由區塊鏈與加密貨幣技術隱匿資金流，亦暴露出大量民眾對金融知識、數字資產風險的認知缺口。儘管目前公安已介入調查並凍結部分關聯帳戶，但要追回全部損失恐極其困難。

鑫慷嘉的覆滅，提醒大眾在面對任何聲稱高回報的投資機會時，務必保持理性與警覺，尤其當其涉及USDT等去中心化資產時，更應審慎辨識其真偽，避免落入「金融科技」包裝下的陷阱。這場披著「國際金融」外衣的收割行動，不僅騙走數百萬人的積蓄，也再次揭示非法集資與洗錢犯罪的新趨勢與挑戰。

The Xinkangjia scam, which involved more than 2 million victims and led to the evaporation of over 12.9 billion RMB, stands out as one of the most sophisticated and representative financial fraud cases in China in recent years. Disguised under the banner of “international financial investment”, the scheme lured investors with promises of high returns, combining multi-level marketing (MLM) tactics with cryptocurrency tools to create a Ponzi scheme that appeared legitimate, yet was riddled with traps—ultimately executing a precise and calculated exit in a single night.

At the core of this scam was a false claim of association with a “Dubai Exchange,” purportedly connected to international capital and a fabricated cooperation contract with Sinopec. In March 2021, the main perpetrators—Huang Xin, Shao Xinkang, and Wang Yanjia—established “Guizhou Xinkangjia Big Data Services Co., Ltd.” They promoted the company as being capable of generating 2% daily returns, targeting mainly middle-aged and elderly investors in China’s third- and fourth-tier cities. They touted concepts like quantitative trading, big data arbitrage, and USDT-based financial products, all promising stable, above-market profits. These enticing returns naturally attracted large numbers of people eager to get rich quickly.

However, Xinkangjia offered no real financial products or trading services. Instead, the platform operated as a classic pyramid scheme, relying on “referral-based bonuses and team commissions” to incentivize users to recruit new investors. Participants earned money by bringing in others, fostering rapid network expansion and social hype. Within a short period, the platform grew to over 2 million users, and the fund pool swelled dramatically.

To avoid regulatory scrutiny and crackdowns on illegal fundraising in China, Xinkangjia used the stablecoin USDT (Tether) as its primary vehicle for capital flow. All investors had to convert RMB into USDT, which would then be transferred into platform wallets. USDT, pegged to the U.S. dollar, is widely used in crypto exchanges and wallets due to its anonymity and cross-border liquidity. These USDT funds were then internally converted into so-called “investment funds,” but in reality, no actual investment took place. The money was siphoned off layer by layer by top-level organizers and laundered through offshore crypto wallets, making it nearly impossible to trace.

By the end of 2024, signs of collapse began to emerge—withdrawals were frozen, customer service disappeared, and the platform announced it was “under maintenance.” Eventually, in early 2025, the entire operation was shut down. Countless investors found their funds unrecoverable, communities descended into chaos, and the key perpetrators had already absconded. With the funds laundered via USDT into untraceable crypto wallets, they executed a clean, precision getaway.

The scandal has drawn intense scrutiny from regulators and the public alike. It exposed how blockchain and cryptocurrency technologies can be exploited to obscure fund flows and evade law enforcement, and revealed a dangerous gap in financial literacy and digital asset risk awareness among the general population. Although authorities have launched investigations and frozen some related accounts, full recovery of lost funds remains extremely unlikely.

The downfall of Xinkangjia serves as a sobering warning. Whenever an investment promises abnormally high returns, especially when involving decentralized assets like USDT, extreme caution is essential. The case highlights how fraudulent schemes today are increasingly wrapped in the guise of “fintech” and “global finance,” making them harder to detect and more damaging than ever. Beyond the financial losses of millions, this scam underscores the urgent need to enhance crypto regulation, financial education, and cross-border enforcement against illicit fundraising and money laundering.