Shenzhen’s Jereh Collapse: 150,000 Gold Investors Offered Pennies on the Dollar

A Shenzhen-based gold trading platform has collapsed after running what amounted to a leveraged betting operation with no physical backing, leaving over 150,000 investors scrambling to recover their funds. The Jereh collapse — the largest in a recent wave of unlicensed gold platform failures across China — is now escalating into a standoff as victims refuse a repayment scheme that would pay them a fraction of their principal in exchange for waiving all legal rights. How Jereh worked Jereh operated out of Shuibei, China’s largest gold and jewelry trading hub. The platform attracted a massive retail following by offering zero-fee gold exchanges, attractive buyback prices, and a product called “pre-set price trading” — where users could lock in the price of one gram of gold with a deposit as small as $4 source: https://beincrypto.com/shenzhen-jereh-collapse-compensation/