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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 forensic research approach to expose fraudulent activity (bot farms) by analyzing IP patterns and gift-giving behavior.",
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      "text": "The IP address 113.8.150.94 was one of the top IPs used on YY during the lockdown period. Over a 13-day period starting January 24, our data monitoring tools recorded 1,166 PUs on this IP address who made 25,545 discrete transactions.",
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      "text": "Giving gifts regardless of whether the performers were performing; Displaying an abnormal IP pattern; And exhibiting “herd behavior”.",
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      "text": "gift transactions: 100,000",
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      "text": "Based on these findings, we believe that YY has the ability to set up large networks of overseas IP addresses to create the appearance of PUs in any country.",
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      "text": "Bigo claims users in over 150 countries; we do not think this is a coincidence. 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.",
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      "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",
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      "text": "Footnotes 53 and 54 detailing Bigo's claims and the nature of fanbots.",
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      "kind": "title",
      "text": "One Example of a YY Bot Farm: Over 1,100 IPs Emanating from a Small Chinese City",
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