{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-202fcba3bc0a", "slug": "4a1cd2416c13", "title": "Joyy Inc. (YY)", "subtitle": "Carson Block · 2020-11", "author": "Carson Block", "date": "2020-11-18 00:00:00", "pageCount": 71, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Joyy Inc.", "targetTicker": "YY", "document": { "id": "019dd923-622c-750b-8b97-202fcba3bc0a", "slug": "4a1cd2416c13", "title": "Joyy Inc. 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"You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. 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Opens with a taunt to Baidu about the pending $3.6bn YY Live acquisition, which Muddy Waters argues is buying a 90%-fraudulent business. Methodology combines macro data analysis (115.6M transactions tracked via Xiaohulu/XHL) with undercover fieldwork and SAIC credit-report reconciliation. Strong specimen of fraud-exposure rhetoric: named villains (David Li, Jin Cao), CEO-quote contradiction (citing Baidu ethics statement against the deal; citing CFO Bin Jing's profitability claims), and layered case studies (Modern Brothers, Big Li, Xiaozhou, RCT_Khan). No traditional valuation framework or price target — the ask is regulatory/counterparty action, not a stock target. Visual craft is institutional-memo tier (2), not editorial — limited color, basic tables, heavy footnoting. Narrative craft is top-tier for short-selling genre.", "kpisCited": [ { "detail": "~90% of YY Live livestreaming gift revenue estimated fake", "metric": "YY Live fraudulent revenue share" }, { "detail": "~84% of JOYY's consolidated revenue fake (base case); ~73% under conservative assumptions", "metric": "Consolidated fraudulent revenue share" }, { "detail": "~80% base case; 59.1% under conservative bottom-up model for Q2 2020", "metric": "Bigo fraudulent revenue share" }, { "detail": "Top 5 YY Live channel owners reported only ~15% of YY's claimed combined 2018 revenue — an 85.9% shortfall", "metric": "Channel owner SAIC vs SEC discrepancy" }, { "detail": "24.9% of 96,432 PUs were YY-controlled, accounting for 48.0% of gift revenue", "metric": "YY-controlled PU share (Dec 2019)" }, { "detail": "~87.5% of sampled active Wuhan PUs were fake/YY-controlled", "metric": "Wuhan PU fraud rate (COVID lockdown sample)" }, { "detail": "~97.9% of 96 sampled purported donors were likely fake", "metric": "Modern Brothers PU fraud rate" }, { "detail": "Only ~1 in 3 YY-controlled FUs detectable via IMEI sharing alone", "metric": "Platform Angels IMEI detection" }, { "detail": "RMB 988.7M gain = 46.7% of 2018 net income; RMB 2.67bn = 72.2% of 2019 net income", "metric": "Bigo acquisition remeasurement gains" }, { "detail": "$156.1M+ in YY Class B shares plus portion of $343.1M cash consideration", "metric": "Chairman David Li payout in Bigo buyout" }, { "detail": "RMB 1.16bn of 2018 non-Huya WFOE cash held offshore, implying $1.326bn in potentially illegal or fake transfers", "metric": "Offshore WFOE cash balance" } ], "closingAsk": "To Baidu: before paying seven percent of your market cap in cash for a business we believe is almost entirely fraudulent, prove that ethics and respect for the law at Baidu are real — show us.", "extraction": { "at": "2026-04-22 19:47:01+00", "model": "unknown-legacy", "runId": null, "seconds": 117.98999, "promptVersion": null }, "scqaReward": "Exposing the fraud vindicates a short position on an $8bn-cap stock (price $100.19), blocks a $3.6bn value-destroying deal for Baidu, and forces restatement of revenues Muddy Waters estimates are 73-84% fabricated on a consolidated basis.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "~90% of YY Live livestreaming revenue is fake, driven by YY-controlled bots and gift roundtripping", "~80% of Bigo revenue is fake; former country executives confirm majority of users are bots", "YY's 2019 Bigo buyout was a multiyear scam that enriched Chairman David Li by $156M+" ], "scqaSituation": "JOYY is an $8bn market-cap Chinese livestreaming company whose flagship YY Live and Bigo platforms report billions of RMB in gift revenue, and Baidu has just announced a $3.6bn cash deal to buy YY Live.", "thesisSummary": "Muddy Waters concludes that JOYY (YY) is a multibillion-dollar fraud after a year-long investigation combining analysis of 115.6 million gift transactions with traditional fieldwork. They estimate ~90% of YY Live's livestreaming revenue and ~80% of Bigo's revenue is fraudulent, driven by three interlocking mechanisms: paying-user bots running from YY's own servers and internal IPs (100.64.0.0/10, 127.0.0.1), performers roundtripping gifts to themselves through alter-ego accounts on fixed salaries, and channel owners — largely ex-YY employees — coordinating the scheme. SAIC credit reports for the top five channel owners show an 85.9% revenue discrepancy versus YY's claims. The report also argues Bigo was a multiyear scam: YY (not David Li) founded Bigo in 2014, yet Chairman Li was later paid $156M+ in the 2019 buyout while YY booked fair-value remeasurement gains representing 46.7% of 2018 and 72.2% of 2019 net income. The report lands as Baidu is preparing to buy YY Live for $3.6bn cash.", "primaryDemands": [ "Baidu should abandon or heavily diligence its pending $3.6bn cash acquisition of YY Live", "Investors should short JOYY stock given pervasive revenue fraud", "Regulators and auditors should scrutinize YY's reported user metrics, revenues, and cash balances" ], "scqaResolution": "Baidu should walk away or force deep diligence on the pending acquisition, investors should exit or short the stock, and auditors and regulators should re-examine YY's reported metrics, cash balances, and the 2019 Bigo buyout that enriched Chairman David Li.", "thesisOneLiner": "JOYY is a multibillion-dollar fraud: ~90% of YY Live and ~80% of Bigo revenue is fabricated via bots and gift roundtripping, and Baidu's pending $3.6bn acquisition is buying air.", "precedentsCited": [], "scqaComplication": "A year of forensic data analysis on 115.6M transactions, undercover fieldwork, and SAIC filings reveal the revenue is 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The enormous scale of this fraud will be inescapable in due diligence. You say there are real ethics and respect for the law at Baidu? 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The enormous scale of this fraud will be inescapable in due diligence. You say there are real ethics and respect for the law at Baidu? 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"loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "This slide presents a series of investigative findings regarding corporate fraud, specifically focusing on revenue inflation and fake user activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 2981, "nDataPoints": 7, "notes": "This slide presents a series of investigative findings regarding corporate fraud, specifically focusing on revenue inflation and fake user activity.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:28.33+00", "seconds": 4.233, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/4", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "“Big Li” is a big lie.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be91-984e03c6419e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "list", "text": "Bigo's rot stems from its inception. YY claims that it purchased Bigo from Chairman David Li. This is a lie that enabled Chairman Li to take at least $156.1 million of real money from YY shareholders and for YY to fraudulently report remeasurement gains in its profits. In reality, YY founded Bigo – not Chairman Li.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "035f2a40-dab3-4081-b0f4-0a233260e58c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.73 }, "kind": "list", "text": "We lay out findings from four additional top-earning performers, four more Top PUs, and numerous interviews with senior members of the YY ecosystem supporting our finding that YY Live and Bigo are a sham and their gift revenue is substantially fake.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d07e11b-1d79-4de3-96a6-f7e6b8841dc8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.74, "x": 0.11, "y": 0.33 }, "kind": "list", "text": "Studying various purportedly top earning performers closely shows the enormity of the fraud on a micro level:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3980aee6-247d-4597-a3ef-b353e9a9d436", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.56 }, "kind": "list", "text": "\"Big Li\" is a big lie. Big Li won YY's 2019 annual competition for the most gifts received. However, our data shows that during this December event, Big Li's mobile device was shared with his largest contributor, who sent RMB seven million in gifts, or approximately 40% of the total. Beyond that, devices associated with his sent more in gifts than Big Li received, laying bare a network of related accounts that recycle gifts and inflate YY's revenue totals.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "802e1f08-e5c9-4b75-b40c-f102e72a4553", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "list", "text": "Top Bigo earner RCT_Khan purportedly receives ~$50,000 in gifts per month for literally sitting at his desk doing paperwork. His stream gets even less enthralling, with the camera often pointed at the wall or ceiling. Until very recently, his purported #2 contributor was clearly himself. (His other top contributors are almost certainly part of a gift recycling network.)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96c2f73a-876c-4977-aaa0-6df08a5352df", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "list", "text": "Purported pop music success Modern Brothers gives free concerts in a popular shopping area, and yet attendee \"fans\" are paid to show up. Modern Brothers rarely performs on YY Live these days, but they receive gifts continuously through the platform when off air. Many of these gifts were coming from YY's servers. Analyzing data from 96 randomly selected purported donors shows that ~97.9% of sampled gift revenues were likely fake.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9be0eeed-dcc8-4be2-b8d4-9da978a638d0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.15, "y": 0.47 }, "kind": "list", "text": "A random sample of YY PUs in Wuhan during its COVID-19 lockdown indicated that ~87.5% of their gift revenues were likely fraudulent. The majority of the fraudulent PUs had mobile device IDs (IMEIs) linking back to YY servers, while a significant minority of Wuhan PUs displayed IP addresses that inexplicably jumped from city to city amid the lockdown.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa95d48f-95b2-42b2-9241-df4cdb8b6215", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.11, "y": 0.25 }, "kind": "list", "text": "We researched YY's businesses for more than one year, taking a two-prong approach. The first prong was macro data collection and analysis through automated means of 115.6 million transactions. The second prong was traditional Muddy Waters techniques of reviewing filings and accounts, undercover fieldwork, and human sourcing.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da21100b-a5ae-48b5-b907-2cf8f6e41996", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.17 }, "kind": "list", "text": "Bigo consolidates a significant amount of revenue from Mainland China. Bigo tacked on a mainland China business Hello that we believe to be almost entirely fake, per our primary diligence and discussions with former Bigo employees. As of Q3 2020, we estimate this overwhelmingly fraudulent PRC unit was still 13.4% of Bigo's reported revenues.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f20ed6dc-51f8-41a2-a6e3-7cd9376d4f2d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": 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"Our Data Analysis and Sampling Indicate that ~90% of YY Live Revenue Is Fake ... 5\nData Collection and Analysis Methodology ... 5\nYY-Controlled PUs Generated Roughly Half of YY Gift Revenue in December 2019 ... 6\nInternal Network FUs and YY Server FUs Revealed Themselves Through Glitches ... 7\nYY Live's Platform Angels Program Shows Only 1 in 3 FUs Can be Spotted by IMEI Sharing ... 8\nSampling Wuhan PUs Indicated that ~87.5% Were Controlled by YY ... 9\nFinancial Statements for the Top 5 YY Live Channel Owners Show an 85.9% Revenue Discrepancy, Supporting our YY Live ~90% Fraudulent Revenue Estimate ... 10\nRoundtripping and Fraud is Rife on YY Live ... 11\nCase Study: \"Modern Brothers\" is a Modern Fraud ... 12\nCase Study: Top YY Performers like \"Big Li\" Get Tens of Millions of RMB in Fake Gift Contributions ... 14\nCase Study: \"Xiaozhou\", YY's Top Performer from October 2019 to January 2020, Exhibits Similar Behavior ... 18\nCase Study: The Same Goes for #2 Top Performer \"Ruitiantian\" ... 19\nCase Study: Top Performer ShenMan Regularly Receives Tips When Not Broadcasting ... 21\nYY Enlists Armies of FUs and FU Bots To Fabricate Gift Revenue ... 23\nCase Study: Performer Liu Yishou Openly Jokes About YY Being a Scam ... 25\nNot surprisingly, as we demonstrate below, we found that YY-controlled bots supply Liu Yishou with fake gifts ... 26\nA Channel Owner Illustrates the Interlocking Revenue Inflation Scheme with YY ... 27\nTime to Upgrade the FraudTech: Slip-Ups Reveal YY-Controlled Gifting ... 29\nCase Study: FU Bot Activity For Dafashijian, or \"Killing Time\" (打发时间) ... 29\nCase Study: Thin Noodle (小面 or 遗失机器猫的大熊) ... 30\nCase Study: FU Bot Activity For Orange Juice, a Live Broadcast Room Manager (果粒橙) ... 32\nCase Study: Bot Activity For \"Alright\" or \"nonoKe\" (可以的 or nono 可) ... 34\nOne Example of a YY Bot Farm: Over 1,100 IPs Emanating from a Small Chinese City ... 37\nYY's Dating Channels are Not a Secret Cash Cow for Remaining Revenues ... 38\nAnomalies in YY's Chinese Financials Suggest Fake Cash and Fraud ... 41\nBigo Tells the Same Lies About Revenue as YY Live, But it Helped David Li Get Richer ... Error! Bookmark not defined.\nCase Study: Top Bigo User RCT_KHAN is One of Bigo's Best Con-Jobs ... 45\nEven in our Conservative Case, 59.1% of Bigo's Revenue Seems Fraudulent ... 51\nThe Bigo Acquisition Was a Multiyear, Multilevel Scam Benefiting YY Insiders ... 53", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:27.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e9ad53d-19ae-44a7-bb2e-986e964c6760", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 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"/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We concluded that YY Live's gift revenue is approximately 90% fake using these three methods.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be92-f44b0312f664", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.13, "y": 0.09 }, "kind": "list", "text": "Former Bigo Country Executives Stated the Majority of Users were Fake...57\nBigo's Spin on the Circular Economy Is Recycling Beans Through Broadcasters...57\nBigo PRC Revenues Appear to Be Mostly Fake, From A Derelict Audio Streaming App...59\nAppendix A: Definitions Related to our Analysis...64\nAppendix B: Notes on Data & Data Sources...65\nAppendix C: Internal Network Usage...68", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0df09a1e-1241-4415-8abb-c5558a72ce43", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "fake revenue percentage: 90%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, 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We concluded that YY Live's gift revenue is approximately 90% fake using these three methods.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0eb2d746-6014-4bb2-93d5-a0ac14bb8644", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.41 }, "kind": "paragraph", "text": "The first method was analyzing almost 100,000 Paying Users (“PUs”) that XHL tracks. We found that we could cleanly class almost half of YY gifts by value as coming from YY-associated Fake Users (“FUs”). We did this by taking a core group of FUs in the data set bearing YY IP addresses and tracking the IMEI sharing that radiated out from that group.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8560a366-3267-4a89-aebe-f92535fa74fb", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.74, "x": 0.13, "y": 0.71 }, "kind": "paragraph", "text": "There are two components to our data analysis and collection methodology. Using Google Chrome web developer tools, we were able to track up to 88 data points of each transaction, including PU name, PU YY ID, transaction time, gift name, gift unit price, gift ID, quantity of gifts, and name and YY ID of the recipient, PU IP address and device IMEI. The device IMEIs suggest to us that approximately half of YY Live gift revenues originated from YY's own servers. Device IMEIs also showed us how pervasive roundtripping of gifts is on YY Live. 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Our second FU identification method, which ran in this vein, consisted of randomly sampling 96 Wuhan-based PUs during the Chinese COVID-19 lockdown. We found that ~87.5% of these Wuhan PUs were apparent FUs. The third method, again granular, consisted of sampling 96 Modern Brothers PUs. As discussed above, the Modern Brothers sample indicated that ~97.9% were actually FUs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "985f3d18-34ea-4a2a-bee2-dd2f7ac2f4cc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.13, "y": 0.62 }, "kind": "paragraph", "text": "We further verified our 90% fake revenue estimate by checking the revenue that leading channel owners reported to the SAIC against YY's claims. We found an 85.9% discrepancy between the revenue YY asserted for the top five channel owners and the revenue in their China credit reports.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6f45b1c-4d0f-41df-92f4-674060f33a27", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.74, "x": 0.13, "y": 0.83 }, "kind": "source-note", "text": "3 Shared mobile devices are determined by the display of identical shared IMEIs in the data recorded collected from YY.\n4 YY ID: YY has 4 IDs for each performer: room ID, Channel ID, YY account ID and UID. The UID is used by XHL and YY's system and could not be changed by the performer. The Room ID, Channel ID and YY account ID could be changed as a result of leaving the original channel owner to join a new channel owner, etc. The UID cannot be changed by the performer. We use the UID for the identification of performers to be consistent with XHL data.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our analysis found that 24.9% of these PUs were controlled by YY. 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Our analysis found that 24.9% of these PUs were controlled by YY. We further found that their gift contributions accounted for 48.0% of the gift revenue in our sample.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36701341-de24-4757-8bf3-42a30d8a74b1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "We used Google Chrome web developer tools to collect data from YY Live starting in October 2019. From Nov 27, 2019 to Feb 4, 2020, we expanded our data monitoring, collecting over 115.6 million gift transactions sent by 1.2 million PUs to 20,715 performers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "935eec87-98ca-490e-a35d-44f196e5d646", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "source-note", "text": "Footnotes 5-11 detailing data sources, monitoring periods, and corporate affiliations.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e0ec93b-13fc-4e3c-962b-93f0af70b267", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "title", "text": "YY-Controlled PUs Generated Roughly Half of YY Gift Revenue in December 2019", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bfd4964-090d-4d29-b674-c2712791bffa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0d0f54db-46a0-4032-9ac0-a25cc12c3717", "evidence": "Methodology for identifying controlled accounts and revenue discrepancies", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:30.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Appendix Methodology", "beatId": "546e0867-13c1-4062-b6b5-42f8b8db7bc6", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report provides detailed methodology for data analysis", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "analysis", "title": "The slide details the identification of fraudulent gift revenue by linking PU IDs to YY-controlled internal network IPs and shared IMEIs.", "function": "analyze_data", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 2810, "nDataPoints": 10, "notes": "The slide details the identification of fraudulent gift revenue by linking PU IDs to YY-controlled internal network IPs and shared IMEIs.", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:28.78+00", "seconds": 4.362, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/8", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "callout", "text": "Internal Network FUs and YY Server FUs Revealed Themselves Through Glitches\n\nInternal Network FUs are PUs that display YY's internal network IP addresses, 100.64.0.0 ~ 100.64.0.10. YY Server FUs, on the other hand, are PUs that carry the local host server IP, 127.0.0.1. The IP addresses these FUs display can only come from inside YY. However, these internal IP addresses normally get masked with normal IPs. FUs reveal these IPs only rarely: we suspect that YY typically uses a VPN or other software to disguise the transactions that are coming from within YY. We caught these FUs thanks to our continuous monitoring of PUs during our observation period. For more information on IP patterns of Internal Network FUs and YY Server FUs, see section “Time to Upgrade the FraudTech: Slip-Ups Reveal YY-Controlled Gifting”.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf39a405-4209-4671-8e17-27cb09d3078e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Summing these FU groups’ gift contributions, we identified 48.0% of livestreaming gift revenue above to be fraudulent based on IMEI sharing alone.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be91-d72f96183267", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "fraudulent gift revenue: 48.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be91-db2cc0e4d6c0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.49 }, "kind": "paragraph", "text": "20,399 PUs shared IMEIs with the YY Internal Network FUs and YY Server FUs above. Of these, the XHL gift data for 10,606 PUs recorded RMB 91.1 million in gifts, equal to 13.3% of gifts in the XHL data set. We deem these PUs to be FUs. To the extent these FUs were also performers, we classed their channel owners as YY-controlled.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "739a050d-7cad-4d12-9710-bd1c2eb6aee8", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "Another 30,323 unique, deduplicated PU IDs shared IMEIs with performers who belonged to YY-controlled channel owners. Among these were 13,145 PUs with XHL gift data. These 13,145 PUs (13.6%) users sent out RMB 221.2 million in gifts, equal to 32.2% of all gifts in the XHL data set. We deem these to be additional FUs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96fb3b07-1c36-45ac-a27b-07df66da642c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "We obtained the PU information from XHL, which consists of 96,432 PUs contributing RMB 686.5 million in gifts. The PUs falling into at least one of the above categories totaled 24,051, or 24.9%. These PUs contributed gifts totaling RMB 329.8 million, which was 48% of the total.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ade95d90-2ec8-4bf2-856a-730894572715", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "Summing these FU groups' gift contributions, we identified 48.0% of livestreaming gift revenue above to be fraudulent based on IMEI sharing alone. We establish below that the remaining half of livestreaming gift revenue is likely almost entirely fraudulent as well through additional research techniques. We relate two PU samples that show that the vast majority of PUs are bots and therefore FUs, making fraudulent gift transactions and/or displaying signs of control by YY.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c45274c9-11b1-4d65-82c6-563adb2fb1a6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.84 }, "kind": "source-note", "text": "12 For more information on the connection methodology, see Appendix C.\n13 The following information is based on the 52,104 PU IDs are based only on the PUs' info we monitored and collected, which we believe is a representative sample size. We are not suggesting YY has only 52,104 PUs. With a more complete list of PUs' gifts for December 2019, the percentage of the gifts from YY-controlled PUs would likely rise.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4247fb12-5d43-46b8-bf20-5882b90744fc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "afdf8786-03ff-431b-ad3f-68c55959a92b", "evidence": "Methodology for identifying fraudulent gift revenue via IP and IMEI analysis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:28.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Appendix Methodology", "beatId": "546e0867-13c1-4062-b6b5-42f8b8db7bc6", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report provides detailed methodology for data analysis", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "The slide uses a table to quantify identified FUs and a visual case study to demonstrate how the platform incentivizes fake activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 11, "textChars": 1019, "nDataPoints": 25, "notes": "The slide uses a table to quantify identified FUs and a visual case study to demonstrate how the platform incentivizes fake activity.", "elementsJson": [ "data_table", "paragraph", "screenshot", "infographic" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:32.997+00", "seconds": 8.234, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/9", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Though we have identified that one-quarter of the total number of PUs were connected to YY, it does not mean that three-quarters of PUs and half of gift payments are real.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be92-0afe69eb81f2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.18, "y": 0.46 }, "kind": "image", "text": "Promotion UI screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e517dda5-4952-4f5a-b20c-0c9f92bca8d6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.27, "y": 0.8 }, "kind": "image", "text": "Platform Angel gift notification", "attrs": 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:29.777+00", "seconds": 3.778, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/16", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": 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Right: Big Li receiving his crown at the 2019 annual award ceremony and thanking Pingshen, his top contributor, for helping lift him to victory.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:29.777+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54c34aea-6b36-42bb-b693-1467aef3b951", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "gift revenue: 96%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be92-84afc602c575", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.766, "x": 0.117, "y": 0.592 }, "kind": "paragraph", "text": "Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY's FUs. Our analysis indicated that out of the RMB 13.7 million of such gifts for which XHL captured in-depth data, YY-controlled FUs contributed RMB 13.1 million, or 96% of the total. 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The Hebei native calls his 8.4 million purported fans Li's Army, and his streams each boast hundreds of thousands of views. As the number-three performer on the YY platform, Big Li receives tens of millions of RMB in donations each year. In December 2019 alone, 28 million RMB, or 40% of that month's gifts, came from Big Li's #1 Top PU, Pingshen. That's a pretty good payday for a former average Joe from Hebei.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:29.777+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f6bd3c5-178f-4608-b438-34c3442046fc", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.766, "x": 0.117, "y": 0.515 }, "kind": "paragraph", "text": "However, our investigation revealed that Pingshen shares Big Li's IMEI. 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We found such fake donations and inflated revenue were the rule and not the exception in the YY ecosystem, corroborating our findings that ~90% of YY Live revenue is fake.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aee06b86-dfcd-40bc-a2d0-8b32f3634df4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.63 }, "kind": "paragraph", "text": "We found that through his network of associated accounts, Big Li gifts even more than he gets. We identified a group of fifteen PUs connected in a nexus of IMEI sharing that tie Big Li and one other performer directly to YY's #1, #24, and #48 top PUs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f40f0b80-851a-45ad-a32a-7a871d42e5ae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Example of Big Li continuously receiving gifts when off the air, especially from early morning (midnight to 6:35am Beijing time) on September 19, 2020.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be92-2f3dbd5265ff", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "source-note", "text": "29 Big Li's UID is 376746888. This is indicated in XHL's URL. Big Li's normal airtime is at night from 9pm to midnight, sometimes he streams for a few hours in afternoon.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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During the fight, Rui Tiantian got up and left her seat. 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#16 performer on YY during our four-month monitoring period, highlighting her headline annual earnings of RMB 60 million in gifts and claiming that her real earnings were from a monthly salary that was much lower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50e21678-b6d3-4bd8-a40d-5b1d844babdc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.55 }, "kind": "paragraph", "text": "“Cuiazha looks really big-time,” he said. “How much does she earn every month? Take a guess.” Without even waiting for our investigator to respond, he breathlessly continued, “The contract with her is that she can only have a monthly salary of just 150,000 - 200,000 RMB for the next two years. All the rest is the company’s.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:30.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a92fdf1-5bc0-40ca-9aad-5f99cdc967e3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "In other words, he was saying that Cuiazha agreed to an annual compensation package equal to ~$300,000, or just 4% of her supposed gift total. If this is correct, which we believe it is based on our other research, it speaks volumes about the revenue inflation at YY. In Cuiazha’s case, she seemingly should be entitled to approximately RMB 15 million in gift revenue sharing per year, as channel owners generally remit 20% to 30% of the virtual gift revenues received by performers. 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Take a guess.” Without even waiting for our investigator to respond, he breathlessly continued, “The contract with her is that she can only have a monthly salary of just 150,000 - 200,000 RMB for the next two years. All the rest is the company’s.” — Anonymous source", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be93-c2fcc5b553f9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "32 http://www.bestchinanews.com/Fashion/18739.html 33 According to the performer agreements with the platform, channel owners receive ~50% of the gifts income, of which 20% to 30% of that 50% would be retained by those Channel owners.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This time, he came back to \"scam money.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be93-daa05ef2f24a", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.48, "x": 0.26, "y": 0.42 }, "kind": "image", "text": "Screenshot of news article about Liu Yishou", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:34.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6bbf2d6-887a-41c3-a76b-dcba62fc18ac", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.2 }, "kind": "paragraph", "text": "Our analysis found significant bot activity on the channel of one top performer, Liu Yishou (刘一手), with a group of users from the same IP block donating to the same list of performers, including Liu. We found them to be YY-controlled bots because each performer on the list received similar-sized donations from group members, even as these donation sizes varied from performer to performer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:34.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8123ef7b-7491-4ed6-9a2c-50d095b6c191", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Other performers have also discussed the meaningless YY gift totals and the contrived nature of the ecosystem, even while receiving significant bot contributions themselves.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:34.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d77f74c-098c-49f2-a5f1-5e0dafefacc3", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "paragraph", "text": "Liu is a star YY performer who has joked about paid scamming on the YY platform. He made headlines in China’s livestreaming blogs for a scandal involving his jumping to a competitor’s platform, Kuaishou, in hopes of making more money, but then being forced to return after losing a suit from YY. YY celebrated his return and let him resume his top earner status. An interview made after his return ran on the headline “Liu Yishou said if he didn't return to YY, he might have been gone forever. 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This time, he came back to ‘scam money.’ — Sina News headline", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be93-dd2de198ba13", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.4, "y": 0.84 }, "kind": "source-note", "text": "Interview with Liu Yishou", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As we see below, three of the IPs in this IP block made near-identical total contributions to the same performers, including Liu and performers Little BJ and Picasso. 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These are the unassuming offices of a large YY channel owner. 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We believe that the development of the capability to generate FUs and fake traffic globally at a large scale has been a critical part of YY's overseas market strategy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f66594a-2ee4-4cab-bc89-71164930870a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "BIGO Technology (BIGO) is one of the fastest-growing Singapore technology companies, with more than 30 offices and 6 R&D centres around the world. Powered by Artificial Intelligence technology, BIGO's video-based products and services have gained immense popularity, with users in more than 150 countries. These include Bigo Live (live streaming) and Likee (short-form video). — BIGO Technology website", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be95-a93a4377eee0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.764, "x": 0.118, "y": 0.805 }, "kind": "source-note", "text": "Footnotes 53 and 54 detailing Bigo's claims and the nature of fanbots.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7547fdec-ad9d-498b-acf7-70f205834d9f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.615 }, "kind": "table", "text": "Table showing IP addresses, city locations, and transaction counts.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b60e499-c4dd-448c-8c4b-8fa7556f83d1", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.228 }, "kind": "title", "text": "One Example of a YY Bot Farm: Over 1,100 IPs Emanating from a Small Chinese City", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7f8aead-b429-45c8-abd3-f4db62074f59", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "56fd420e-4238-4806-b350-2341f2716409", "evidence": "The slide uses forensic data analysis to expose bot farm activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:32.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 68, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 33, "name": "Appendix Data", "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "Includes forensic analysis of IP addresses in Heihe and specific user activity patterns indicating VPN usage.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 7, "textChars": 700, "nDataPoints": 8, "notes": "Includes forensic analysis of IP addresses in Heihe and specific user activity patterns indicating VPN usage.", "elementsJson": [ "paragraph", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:35.895+00", "seconds": 6.242, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/39", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this PU activity was all or substantially all from bots, likely conducted via a server whose real location was masked behind a VPN or other similar software.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": 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chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:35.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40097458-bba0-4143-8dd4-e6dd821032a6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "These IP addresses are located in Heihe, Heilongjiang... Finding such a massive concentration of individuals paying on a single IP in remote Heihe at this unusual time would have been extremely unlikely.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:35.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0024ea27-1227-40f0-9f8b-50bbd0eca374", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "We believe this PU activity was all or substantially all from bots, likely conducted via a server whose real location was masked behind a VPN or other similar software.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:35.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31deebf5-fae8-46e9-a39a-fb031859f8cb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "Footnotes 55-58", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be95-57b69936718c", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.321 }, "kind": "paragraph", "text": "We obtained China credit reports for YY's onshore VIEs and compared them to YY's SEC filings, only to find numerous discrepancies. These differences amounted to hundreds of millions of RMB, including significant cash shortages in local financials as compared to what YY reported to the SEC.63 Such discrepancies, particularly in cash balances, are indicators of manipulation or fraud.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7429171b-4f23-4e89-b62a-a7539adbbcc4", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "month, or RMB 104.0 million per quarter. This is a shortfall of at least 79.8% from the Big One's dating channel revenue estimate of RMB 513.4 million. Our ~80% estimated discrepancy between real and reported revenues for the dating channels is thus broadly consistent with our ~90% fraudulent revenue estimate for the non-dating YY business. Our research finds this little-discussed corner of YY's livestream ecosystem is a not a secret cash cow, but just another lie.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbb0b20b-5c11-4043-846c-ae80ffea32a9", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "For example, YY's 2018 SEC filings showed RMB 1.0 billion in long-term deposits, as shown infra. We believe this total is likely invented or greatly inflated, as the major YY onshore VIEs do not contain these same long-term deposits. A cursory comparison of the two sets of financial statements reveals this discrepancy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:32.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e09ac069-56ca-4daa-8335-cba7689af976", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.405, "x": 0.118, "y": 0.895 }, "kind": "source-note", "text": "63 Cash (including cash, short term deposits, short term investments)", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The total beans contributed and rankings for the top recipients didn't change.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:34.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc58d77c-073d-4f7a-b007-d208c5b3cb2d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "title", "text": "Even in our Conservative Case, 59.1% of Bigo's Revenue Seems Fraudulent", "attrs": null, "canon": 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"links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/53", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": 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another fraudulent company from the chairman.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be96-f2a9efb6df17", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.12 }, "kind": "list", "text": "First, we found widespread use of bots at Bigo... 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"subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c485ee3-b7ef-48ee-bddf-0254315c1df9", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "list", "text": "Bullet points describing XHL, its reliability, ownership, and methodology.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": 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XHL is a data monitor company to provide the “independent and reliable” market data reports about the gift giving transactions to support the amount of revenue would have been generated at YY’s platform.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ad18ff3-acc1-4898-9bae-6f2cb58f912a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“the Xiaohulu website has sufficient industry experience and technical resources to become an authoritative live data platform.” — 江海涛、广州虎牙信息科技有限公司网络服务合同纠纷二审民事判决书-启信宝", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be98-bcfbbc040d61", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.83 }, "kind": "source-note", "text": "Footnotes 107, 108, 109 regarding XHL reliability and company details.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "271a2a11-410a-4a5d-92ce-b9dc04892b0e", "parentComponentId": null }, { "bbox": { "h": 0.29, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "table", "text": "Table of gift transaction data with columns: Collected data, Gift transaction 1, Gift transaction 2, Gift transaction 3, Note", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e14128-f8a7-4b09-8491-4b51aa428d8f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.11, "y": 0.59 }, "kind": "title", "text": "Xiaohulu (XHL)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c32ec8b-1a77-4b04-a8d3-895961825b48", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 68, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 33, "name": "Appendix Data", "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 68, "type": "tension", "title": "The slide presents a forensic accounting argument by comparing third-party data against official company filings to highlight anomalies.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 97, "componentCount": 13, "textChars": 3229, "nDataPoints": 16, "notes": "The slide presents a forensic accounting argument by comparing third-party data against official company filings to highlight anomalies.", "elementsJson": [ "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:39.172+00", "seconds": 5.038, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/68", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our conclusion that approximately 90% of the YY Live revenues are fraudulent focuses on the ~70% of YY livestreaming revenue reported by XHL and uses the paid gifts in XHL's database to determine how much of it is fake.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be98-850775d2ba64", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.14 }, "kind": "list", "text": "When reviewing XHL’s data at a monthly or quarterly basis, a significant delta in both revenue and PU numbers between it and YY is immediately apparent. For example, in Q4 2019, YY reported RMB 3.162 billion in livestreaming revenue and 4.50 million PUs, but XHL reported only RMB 2.131 billion (-32.6%) in livestreaming revenue and just 1.32 million (-70.7%) PUs.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "431269bf-36c1-4962-b4fa-81b4f6eedea4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.23 }, "kind": "list", "text": "When we asked XHL’s staff about this, they told us that they could not give us an explanation, but assured us that their results were consistent with others in the industry within a margin of about +/- 5%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50e2adf7-1dde-400b-9102-c3d29f9416a3", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "list", "text": "We dismiss the possibility that the difference is created by the mis-recording of the lucky draw stars, moons YY sells and the luck draw gifts performers receive. XHL’s revenue approximates the accounting revenue YY reports in the period because the lucky star and lucky moon is recorded at just 0.02 rmb/ea instead 0.1 rmb (its sale price) but it also includes the lucky draw gift revenue given to the performer at its face value. However, the lucky gifts are not accounting revenue for YY. YY’s revenue recognition policy will not recognize them. Due to this adjustment, we can see that this is not the cause of the discrepancy.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f405ada-b61f-42fe-a0b0-0eeed6cb5f69", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.51 }, "kind": "list", "text": "Again, we use XHL’s data despite these anomalies because we believe this is the data set which the company want diligent investors to review and evaluate.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bdb7ca4-63e2-403e-bd49-0861a1eb6f7f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.46 }, "kind": "list", "text": "Our conclusion that approximately 90% of the YY Live revenues are fraudulent focuses on the ~70% of YY livestreaming revenue reported by XHL and uses the paid gifts in XHL’s database to determine how much of it is fake.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcca1487-b8f5-49b1-891a-103e2999e76a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.58 }, "kind": "list", "text": "The BigOne is another Chinese data analytics company which collects top line revenue data from YY and Huya. This too has a large delta for YY, but not Huya. The reasons for the difference attributed for the difference with YY’s live steaming revenue by the BigOne were due to YY’s “online dating” channels. Discrepancies with Huya were accounted for as being due to “non-revenue generating gifts”.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c71b5b7b-da1e-4b34-9879-74ba3ab3d48b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.4 }, "kind": "list", "text": "This contradiction might be explained by a desire for XHL to appear to be a real, unrelated 3rd party. A real 3rd party app analytics company could not have perfect data; therefore, we believe that they intentionally created a discrepancy which is roughly equivalent in scale with its peers.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6d318b3-6d07-45d9-a3d6-6eaeb2d2a7d2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "we saw perfectly matched. This is not possible unless there is a direct access to YY’s own data sources. Therefore, we think XHL’s discussion for its data collection by using crawlers is bogus, and that instead, it is directly linked to YY’s backend.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b2aca24-6578-45ad-a141-9baa7cfd32ed", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.5, "x": 0.2, "y": 0.67 }, "kind": "table", "text": "4Q19 BigOne YY: 2.297 bln, -22.1% < than YY: 2.950 bln\n1Q19 BigOne YY: 1.862 bln, -27.4% > than YY: 2.567 bln\n2Q19 BigOne YY: 2.033 bln, -29.0% < than YY: 2.863 bln\n3Q19 BigOne YY: 2.043 bln, -29.5% < than YY: 2.899 bln", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05392cce-d142-4c30-987d-38912dec3532", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.5, "x": 0.2, "y": 0.75 }, "kind": "table", "text": "4Q19 BigOne Huya: 1.531 bln, 6.2% > than Huya: 1.442 bln\n1Q19 BigOne Huya: 1.539 bln, -0.9% < than Huya: 1.553 bln\n2Q19 BigOne Huya: 1.918 bln, -0.2% < than Huya: 1.922 bln\n3Q19 BigOne Huya: 2.043 bln, -5.2% < than Huya: 2.156 bln", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffd3e108-8089-4068-b4b2-fb210a8a380d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.11, "y": 0.55 }, "kind": "title", "text": "BigOne", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ecfb411-a672-48c4-8e45-21af1c6600ce", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.84 }, "kind": "title", "text": "Example of a 3rd Party App Monitoring Service", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb3d6971-5b20-40db-bc1b-93266eff0ee1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d9e84f46-2c87-4362-976c-2c50fd0042c5", "evidence": "The slide explicitly argues that discrepancies in data are evidence of fraudulent revenue reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 68, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 33, "name": "Appendix Data", "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 69, "type": "appendix", "title": "Includes detailed footnotes regarding Sensor Tower's data collection practices.", "function": "appendix", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1480, "nDataPoints": 4, "notes": "Includes detailed footnotes regarding Sensor Tower's data collection practices.", "elementsJson": [ "bullet_list", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:37.296+00", "seconds": 3.035, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/69", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The 127.0.0.1 address indicates that a bot, or YY controlled entity was sending transactions from the server itself. This is highly unusual as real users on YY Live are in their own homes, offices, or in public, not on the YY server.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be98-5756826ab288", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.479 }, "kind": "paragraph", "text": "The 127.0.0.1 address indicates that a bot, or YY controlled entity was sending transactions from the server itself. The 100.64.0.0/10 address is more interesting, and we have 38,823 (0.03%) transactions that use IP addresses within that range.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "300e9ab0-5a49-4000-a491-6929e53b6b31", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.381 }, "kind": "paragraph", "text": "Internal Network Usage: 100.64.0.0/10 & 127.0.0.1. We only see local network transactions from the 100.64.0.0/10... in 0.03% of our transactions. Additionally, we see localhost network transactions originating from 127.0.0.1 in 0.002% of our transactions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fd66948-eef2-43f4-a490-88e044a6932a", "parentComponentId": null }, { "bbox": { "h": 0.198, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "Sensor Tower is an example of one of several popular analytics platforms... BuzzFeed reported that Sensor Tower also owned at least 20 apps that track data... Over the course of the last year, we reviewed data from other 3rd party analytics services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b2984dc-828c-4b88-89b4-7129fb3bc86a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“When you consider the relationship between these types of apps and an analytics company, it makes a lot of sense — especially considering our history as a startup,” — Randy Nelson, Sensor Tower's head of mobile insights.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be98-59f874195b0d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.683 }, "kind": "source-note", "text": "110 https://sensortower.com/ 111 https://www.buzzfeednews.com/article/craigsilverman/vpn-and-ad-blockin... 112 https://web.archive.org/web/20200310040005/https://www.buzzfeednews.com/article/craigsilverman/vpn-and-ad-blocking-apps-sensor-tower", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2368e070-be1e-40c7-b471-9241cd313d9a", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.597, "x": 0.118, "y": 0.338 }, "kind": "title", "text": "Appendix C: Internal Network Usage", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cc98a1c-85a2-4f46-b7a6-d03fe88d935c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 70, "type": "analysis", "title": "Includes references to Netflix migration documentation and Kingsoft Cloud constraints.", "function": "diagnose_problem", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 1796, "nDataPoints": 0, "notes": "Includes references to Netflix migration documentation and Kingsoft Cloud constraints.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:37.612+00", "seconds": 3.271, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/70", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A reasonable explanation is that YY is using bots on their cloud infrastructure, and when the VPN or external anonymizing service has an outage or there is a problem, their bots continue to send transactions to YY.com through the internal network until the VPN comes back up.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be97-e86cd9fe34d5", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.46, "x": 0.27, "y": 0.18 }, "kind": "image", "text": "RFC 6598. 100.64.0.0/10 network is a reserved block to facilitate Carrier Grade Network Address Translation (CGN).", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "182aad63-9328-4dc8-8bd1-16b4e86ab7f5", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "list", "text": "Amazon Documentation: https://docs.aws.amazon.com/vpc/latest/userguide/VPC_Subnets.html\nMicrosoft Documentation: https://docs.microsoft.com/en-us/azure/virtual-network/virtual-networks-udr-overview\nGoogle Documentation: https://cloud.google.com/vpc/docs/vpc#manually_created_subnet_ip_ranges", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adb119f2-3e22-4a74-8175-c628914b7aad", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "A reasonable explanation is that YY is using bots on their cloud infrastructure, and when the VPN or external anonymizing service has an outage or there is a problem, their bots continue to send transactions to YY.com through the internal network until the VPN comes back up. We see this pattern in the data as well where a user is on a public IP address, then an internal IP address, and then back to a public IP address.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b08dc15-6dab-464c-9b10-03eb40e8a87a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "corporate network) communications. This means that you cannot communicate from or to a 100.64.0.0/10 IP addresses from the public Internet directly. Netflix presented on moving their infrastructure to Amazon private clouds, and their use of the 100.64.0.0/10 block network when doing so.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "428e1a86-d2d2-4259-9a49-da02633cf386", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.52 }, "kind": "paragraph", "text": "Kingsoft has specific instructions that the 100.64.0.0/10 address block should NOT be used in their cloud service. So, we have reason to believe that Kingsoft cloud infrastructure is ruled out in this case.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5da492c-195b-4afa-ae1e-bf8c0f012b7c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.83 }, "kind": "source-note", "text": "113 https://www.slideshare.net/AmazonWebServices/aws-reinvent-2016-moving-mountains-netflixs-migration-into-vpc-net304, slide 25\n114 Kingsoft Cloud Documentation - https://endocs.ksyun.com/documents/75", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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46, "componentCount": 6, "textChars": 1545, "nDataPoints": 0, "notes": "The slide explains how internal IP addresses are exposed when a VPN connection fails, revealing the bot's origin.", "elementsJson": [ "process_diagram", "numbered_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:37.56+00", "seconds": 3.145, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/71", "deck": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchor": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The transaction will show the gift originating from the VPN provider even though in reality it is originating from inside the LUSH cloud.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-be98-43b4529509f9", "parentComponentId": null }, { "bbox": { "x": 0.47, "y": 0.35 }, "kind": "diagram", "text": "Network flow diagram with VPN active", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fe57fab-5bc3-4cd7-b700-8c97fe4565e3", "parentComponentId": null }, { "bbox": { "x": 0.47, "y": 0.65 }, "kind": "diagram", "text": "Network flow diagram with VPN disconnected", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3259bd73-d445-47f0-9bee-b588d6c98e93", "parentComponentId": null }, { "bbox": { "x": 0.88, "y": 0.65 }, "kind": "list", "text": "1. The bot has an internal IP address of 100.64.1.2. 2. The main YY.com server has an internal IP address of 100.64.1.1 and a public IP address of 103.227.121.100. 3. When the bot goes to send a transaction, when the VPN is down, the internal cloud network still knows how to get to YY.com. 4. It knows to send the traffic internally to YY.com on 100.64.1.1. 5. In the transaction details we then see the internal network address 100.64.1.2 that the bot sent the transaction from. 6. The VPN and public IP address of YY.com are not hit. NOTE: The YY.com server straddles the public internet (103.227.121.100) and the internal cloud network (100.64.1.1).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c703623-f119-4ff2-b2d2-f65c2b6f0596", "parentComponentId": null }, { "bbox": { "x": 0.88, "y": 0.35 }, "kind": "list", "text": "1. The bot has an internal IP address of 100.64.1.2. 2. The main YY.com server has an internal IP address of 100.64.1.1 and a public IP address of 103.227.121.100. 3. When the bot sends a gift, the gift flows out of the LUSH cloud to the VPN provider. 4. The connection is then made from the VPN provider (112.28.160.118) to YY.com through the public IP address (103.227.121.100). 5. The transaction will show the gift originating from the VPN provider even though in reality it is originating from inside the LUSH cloud. NOTE: The YY.com server straddles the public internet (103.227.121.100) and the internal cloud network (100.64.1.1).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d3537d6-52c4-49e8-af7d-17dec22b9109", "parentComponentId": null }, { "bbox": { "x": 0.45, "y": 0.38 }, "kind": "paragraph", "text": "A diagram showing when the VPN is down:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:37.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1bfd7f6-c036-4567-9951-2fb43344b3c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "matchId": "984b519a-f2a2-40eb-82b5-fc4f058bf989", "beatType": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 71, "label": "Expose Contradiction", "description": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting" }, { "from": 7, "to": 9, "label": "Appendix Methodology", "description": "The report provides detailed methodology for data analysis" }, { "from": 33, "to": 68, "label": "Appendix Data", "description": "The report includes extensive data and examples to support its claims" } ], "loops": [ { "from": 10, "to": 12, "label": "Aha Moment", "description": "Is YY's revenue legitimate?" }, { "from": 22, "to": 30, "label": "Iceberg", "description": "What is the extent of YY's fraudulent practices?" }, { "from": 54, "to": 60, "label": "Cost Of Inaction", "description": "What are the consequences of not addressing YY's fraudulent practices?" } ] }