FTX-level fraud, but with gold and Chinese rage.
By Maxime Laurent · 2026-02-01 09:15
FTX-level fraud, but with gold and Chinese rage.
$19B frozen, withdrawals blocked, physical gold vanished — and now the streets are boiling.
This one is heavy. In China, an online gold trading platform called JieWoRui just locked up around $19 billion of client assets. Since Jan 21, 2026, no withdrawals, no gold deliveries, nothing. And the cherry on top? The company says investors might get… 20% back. Owner claims he was “set up”. Classic.
What follows is pure chaos. Videos all over the net show hundreds of angry investors storming offices across multiple cities, clashing with police, screaming for their life savings. Local media is already talking about a nationwide wave of discontent. This isn’t some niche DeFi rug — this is mass-market pain.
And that’s where the déjà vu hits. This feels uncomfortably close to FTX. Same illusion of safety. Same “backed by real assets” narrative. Same brutal realization: if you don’t control it, you don’t own it. Gold, crypto, doesn’t matter. Custodial risk is universal.
People love to mock crypto blowups, but here we are: gold platform, centralized, regulated environment — and still a disaster. Trust didn’t save them. Paper promises didn’t save them. Only exit liquidity did.
Markets aren’t kind teachers. They repeat the lesson until it hurts enough. Et là, ça fait très mal. 🔥
#markets #gold #fraud #china #investing #risk #custody #cryptoLessons
$19B frozen, withdrawals blocked, physical gold vanished — and now the streets are boiling.
This one is heavy. In China, an online gold trading platform called JieWoRui just locked up around $19 billion of client assets. Since Jan 21, 2026, no withdrawals, no gold deliveries, nothing. And the cherry on top? The company says investors might get… 20% back. Owner claims he was “set up”. Classic.
What follows is pure chaos. Videos all over the net show hundreds of angry investors storming offices across multiple cities, clashing with police, screaming for their life savings. Local media is already talking about a nationwide wave of discontent. This isn’t some niche DeFi rug — this is mass-market pain.
And that’s where the déjà vu hits. This feels uncomfortably close to FTX. Same illusion of safety. Same “backed by real assets” narrative. Same brutal realization: if you don’t control it, you don’t own it. Gold, crypto, doesn’t matter. Custodial risk is universal.
People love to mock crypto blowups, but here we are: gold platform, centralized, regulated environment — and still a disaster. Trust didn’t save them. Paper promises didn’t save them. Only exit liquidity did.
Markets aren’t kind teachers. They repeat the lesson until it hurts enough. Et là, ça fait très mal. 🔥
#markets #gold #fraud #china #investing #risk #custody #cryptoLessons
Disclaimer: This content is for informational purposes only and not financial advice.