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  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "The slide uses a screenshot of a third-party analytics platform (Xiaohulu) to demonstrate fraudulent revenue patterns.",
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      "kind": "callout",
      "text": "To us, Big Li seems more like a big lie.",
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      "kind": "image",
      "text": "Screenshot of Xiaohulu analytics dashboard showing gift revenue spikes during off-air hours.",
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      "kind": "paragraph",
      "text": "Above: 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.",
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      "text": "To us, Big Li seems more like a big lie. 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.",
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      "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.",
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      "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.",
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      "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.",
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      "kind": "title",
      "text": "The Big Lie is Mutually Controlled Accounts",
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