Guangdong Jinkeyi Group Collapse: Impact on Cryptocurrency Investments Amid 1.34 Billion Yuan Scandal

On May 3rd, COINOTAG reported on a troubling development from China’s Guangdong Jinkeyi Group , which faced a catastrophic collapse in mid-April, impacting investors by approximately 1.34 billion yuan . The group’s chairman, Lin Chunhao , disclosed in a farewell letter that he had fled to the UK, revealing that the company’s funds had been entirely depleted. Initially, Jinkeyi Group attracted investments through purportedly lucrative financial management seminars , offering annual returns in the range of 6% to 9% . However, investigations have shown that a significant portion of the investments was funneled into P2P lending , stock trading, and notably, cryptocurrency investments , which alone led to losses exceeding 68.98 million yuan . The Shenzhen Public Security Economic Investigation Department has initiated a formal inquiry into these activities. Source: https://en.coinotag.com/breakingnews/guangdong-jinkeyi-group-collapse-impact-on-cryptocurrency-investments-amid-1-34-billion-yuan-scandal/