1 Person Scams 100 Billion Yuan in China, Millions People Left Penniless

Online fraud is wildly rampant in China. While the nature of it remains the same, the method is becoming increasingly elaborate, devious and deceptive. Recently, news exploded on social media that Wang Xu, owner of the video creation and sharing platform Little Pig Youban, absconded with over 100 billion yuan. A large number of partners, franchisors, and investors are gathered under the building of Youban, and branches across the country are now deserted, indicating that Youban has completely collapsed.
#Chinascam #chinaeconomy #chinaobserver
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[nataliet]

If you have to pay to have a job it's an mlm, not a job

[howdidigethereeh]

I was always taught if it sounds too good to true, then it probably is. This is harsh to say, but I feel like they walked into an open trap. Sucks for the average folks, but they ultimately made a decision because they saw a rate of return that is pretty much impossible for the general public.

[Lufex_]

If it's too good to be true, it probably is.

[jirajira]

an idea of buying a copyright in a country who copy a copyright itself!?? naive or stupid

[mac]

Personal perspective can help keep one conservative and grounded. Always wait.

[wienzard]

i'm surprised they even got investors. even as the narrator explained in the first time about the copyright packages, it sounds too good to be true.

[gladiammgtow]

China been this way since ancient times.

[makedredd]

If something is too good to be true, it’s a scam!

[santosakowski]

The sad part is that so many people were diligently working to earn money. It is insidious in the way that early investors who were rewarded then acted as ardent recruiters for new chumps (or "marks" in flim-flam terminology). As the article notes, the schemes are becoming increasingly devious.

[glenngrowe]

Excellent reporting and insight into fraudulent businesses in China. China Observer has the inside track on what happens in China.

[stefanro]

To whomever is narrating this, I just wanted to say good job. Not sure where it was stemming from, but this calmer version of voice is much more tolerable without the random inquisitive inflections. It used to scratch my ear and irk me to the point of hitting "close" on the video 2 minutes in. I made it to the end this time. :)

[gregmcqueen]

That is funny! There’s always a winner in China at the expense of a loser and the losers are the genuinely good people with good hearts

[bruinflight]

This is proof there will never be a shortage of suckers with money.

[stone]

"CopyRight" in Chyna. 🤣🤣🤣

Now thats a Joke and a half. 😅

[undertyped]

This same scam has been done a million times.

[OGruurd]

Wang Scheme, nice😂. Thanks for the info Friends!

[janetmalcolm]

The guilty party will be salvaged one way or the other. Imagine the number of people he had victimized.

[Kalamain]

If there is nobody complaining about things then everything is fine.
Ergo... The best way to stop problems is to remove anyone making complaints!

Genius!

[MelodyMan]

Office sign at 1:41 says it all. PIGGY CLASS.

[gilbertmariano]

Scammers are a despicable breed of people.