Analysis of the Collapse of the Xin Kang Jia DGCX Project: Investigation of Fund Flow and Eyewash Model

On June 26, 2025, an online investment platform named Xin Kang Jia DGCX suddenly closed all withdrawal channels, with a large number of users discovering their account assets frozen or cleared, unable to withdraw funds. This incident quickly escalated on social media, attracting widespread attention. Although there is currently no official data, investors estimate that the incident may involve funds amounting to 13 billion RMB, with the number of victims possibly exceeding 2 million.

According to public information, Xinkangjia showed signs of false promotion as early as 2019. In March 2021, the project began operations under the name Guizhou Xinkangjia Big Data Co., Ltd., but this company was actually a "shell company". In May 2023, the platform launched the so-called DGCX Xinkangjia Big Data Exchange, claiming to be the official branch of the Dubai Gold and Commodities Exchange in China, and stated that it had reached cooperation with several state-owned enterprises. However, all of this is eyewash, and the real DGCX has publicly denied any association with it multiple times.

For the on-chain fund flow of this project, technical analysis has revealed that it may have constructed a complex multi-level funding structure. Currently, approximately 800,000 user deposit addresses have been identified, involving a funding scale of up to $1.5 billion. The source of funds mainly comes from the hot wallets of centralized exchanges, which are then distributed in integer amounts to numerous addresses. These funds are transferred through 1-2 layers into aggregated addresses controlled by the platform, and then dispersed to other addresses, with most eventually returning to the exchange's user deposit addresses.

From an operational perspective, the project appears to be a "Ponzi core + pyramid scheme" funding model. It has established a 9-level structure system, from squad leader to commander, with clear promotion criteria and rebate ratios at each level. The platform also displays various fake trading interfaces, claiming to provide international market data and real-time profits and losses, while in reality, all account data is controlled by the platform's backend.

The platform promises returns of up to 2% daily interest and attracts users to continue investing with phrases like "3 days to break even, 7 days to double". Before the collapse, the platform also set various withdrawal thresholds, including tax payments, queuing, and other requirements, which were actually meant to prevent users from withdrawing their funds.

It is worth noting that before the platform's collapse, multiple local public security agencies and financial regulatory bodies issued risk warnings. However, due to the platform's use of invitation code systems and offline promotions, a significant amount of funds continued to flow in. Currently, some core personnel of the platform have been detained, and the public security agency has frozen approximately 120 million yuan of involved funds.

This incident serves as a reminder for investors to stay vigilant and not to be easily swayed by promises of high returns, as they should be cautious of various beautifully packaged financial scams. Any platform that requires recruiting others to profit is highly likely to be a funding scheme, and one should be extremely cautious. In a complex financial environment, enhancing one's financial literacy and maintaining rational thinking is crucial.