Outrage after ringleader of $1.8B DGCX fraud publicly mocks the intelligence of victims, and even the Infini hacker is long ETH! Asia Express

Hong Kong police have arrested four individuals in connection with an alleged cryptocurrency investment ring that defrauded victims of over 3 million Hong Kong dollars. The operation was linked to a bogus platform posing as affiliated with the Dubai Gold and Commodities Exchange (DGCX). However, the alleged ringleader escaped and publicly mocked victims for their supposed lack of intelligence in falling for the scam.

The arrests are part of a wider fallout from the collapse of the so-called DGCX XinKangJia platform in mainland China. On June 25, the platform abruptly froze withdrawals for its 2 million users. By the next day, it had gone completely offline.

Marketed as the Chinese branch of the Dubai organization, XinKangJia promised investors 1% fixed daily returns on USDT-denominated investments in gold and oil. Before shutting down, the platform allegedly transferred around 1.8 billion USDT (roughly 13 billion yuan) through Tornado Cash to offshore wallets, according to blockchain security firm SlowMist.

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Author: Yohan Yun

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