TechFlow, May 3 — According to a report by Economic Observer, Lin Chunhao, chairman of Guangdong Jinyaochi Holding Group, admitted the company has gone bankrupt, with total losses from cryptocurrency investments reaching 68.98 million RMB.
In a letter addressed to investors, Lin stated that all funds raised from clients—approximately 1.339 billion RMB—have been entirely lost due to failed investments across multiple areas including lending, stocks, and financial instruments, in addition to cryptocurrencies. The case has now been formally investigated by the Futian Branch of Shenzhen Public Security Bureau's Economic Crime Investigation Detachment. Previously, the company attracted customers through high-interest offers, promising investors an annualized return of up to 9%.
