Chinese authorities have opened a criminal probe into CreditEase, escalating the crisis from a liquidity freeze into a full criminal investigation. Founder Tang Ning has been taken into custody while his wife Zhao Mei remains under compulsory measures. Over 100,000 major investors defaulted after the platform halted redemptions on fixed-income-like products worth $4.5 billion in May. CreditEase and linked companies had invested in or backed fintech and crypto ventures such as Circle, Matrixport and Figure, with no public evidence that investor funds were channeled into digital assets. This case is part of Beijing’s multi-year cleanup of China’s P2P-to-wealth-management pipeline.
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