Guangdong VKey Group Collapses, Loses 68.98 Million Yuan in Cryptocurrency Investments

Guangdong VKey Group, a prominent financial management firm, has collapsed, leaving investors with significant losses. The group, which had been recruiting investors through financial management seminars, promised annual returns of 6% to 9%. However, the funds were misused for various high-risk investments, including P2P lending, stock trading, and cryptocurrency investments. The cryptocurrency investments alone resulted in a loss of 68.98 million yuan.

The group's chairman, Lin Chunhao, admitted to the fraud in a "farewell letter," stating that the funds had been completely depleted. He also revealed that he had fled to the UK. The total amount involved in the scheme is approximately 1.34 billion yuan. The Shenzhen Public Security Economic Investigation Department has filed a case for investigation.

This incident highlights the risks associated with high-yield investment schemes and the importance of due diligence when investing. The collapse of Guangdong VKey Group serves as a cautionary tale for investors, underscoring the need for transparency and accountability in the financial management industry. The investigation into the group's activities is ongoing, and authorities are working to recover the lost funds and bring those responsible to justice.