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  "docSlug": "4a1cd2416c13",
  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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  "pageNumber": 19,
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  "density": "balanced",
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  "notes": "The slide uses a specific case study to illustrate a broader claim of fraudulent activity (revenue inflation) via shared device identifiers.",
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      "kind": "callout",
      "text": "These users were connected to YY-controlled PUs, and the group of associated accounts paid out more in gifts than Xiaozhou received, indicating revenue inflation coming directly from YY.",
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      "text": "Xiaozhou's YY Profile Page",
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      "text": "gift income: RMB 17.2 million",
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      "text": "Case Study: “Xiaozhou”, YY’s Top Performer from October 2019 to January 2020, Exhibits Similar Behavior",
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      "text": "However, we found Xiaozhou’s secret: the IMEI associated with his account is also associated with the #2 PU on the entire YY platform, as well as the #8, #35, #146, and #562 PUs:",
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      "text": "We found that although top PUs and top performers appear to be different people, they are often connected to each other through a murky network of shared IMEIs.",
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      "text": "30 Shared mobile devices are determined by the display of identical shared IMEIs in the data recorded collected from YY.",
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