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  "documentTitle": "Joyy Inc. (YY)",
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  "notes": "The slide presents evidence of potentially fraudulent or manipulated user location data, suggesting YY-controlled FUs (Fake Users) are masking their true location.",
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      "text": "In addition to the inexplicable IP jumping we outlined above involving Malaysia and Chile, we also found that several purported overseas PUs displayed local host server IPs or YY internal network user IP addresses, making them YY-controlled FUs.",
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      "text": "6,584 total number of broadcasters with contributions",
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      "text": "gift transactions: 2,352,122",
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      "text": "In addition to the inexplicable IP jumping we outlined above involving Malaysia and Chile, we also found that several purported overseas PUs displayed local host server IPs or YY internal network user IP addresses, making them YY-controlled FUs. These overseas YY FUs shared IMEIs with an additional 1,227 purported overseas users in 60 countries.",
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      "text": "China started its lockdown gradually beginning on Jan 23. Although the international transportation system was not yet completely shut down, the probability of such rapid domestic and international travel to and from China in late January and early February was nearly zero.",
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      "text": "Over the course of our YY Live data monitoring, we identified 2.35 million gift transactions from 16,288 PUs originating from 156 countries. The number of transactions grew significantly in early 2020.",
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      "text": "Notably, our review of 3rd party app analytics data on Bigo’s overseas revenues showed the gifting activity was heavily skewed to a limited number of geographies, with approximately three quarters of its revenue associated with the top ten countries. — Footnote 52",
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      "text": "52 Notably, our review of 3rd party app analytics data on Bigo's overseas revenues showed the gifting activity was heavily skewed to a limited number of geographies, with approximately three quarters of its revenue associated with the top ten countries.",
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