Zhang Xiaolei, founder of Qbao.com, the online platform also known as Qianbao
China has had its share of ponzi-like investment scheme blow ups in the past, most recently last April as we described in "
Investors Rage After 3 Billion Yuan Vanish From China's Largest Private Bank" and previously in "
Chinese Investors Find Out They Got Fleeced By A $7 Billion Ponzi Scheme." But nothing quite like this, and no, it does not involve cryptocurrencies.
According to the
Asia Times, at the height of its business operations, online investment company, Qbao.com,
had around 200 million registered users. With its "get rich quick" promises and tantalizing tales of up 80% returns, the company had a cult-like following with investors known as Baofen or fans of Qbao, not to mention potential clients clamoring to sign up for the financial firm's products, leading to
as many as 2 million new users every day in late 2017. Even the full name of the company, Qianbao, had the veneer of success, as it translates into "
money treasure."
Unfortunately for up to 200 millions ordinary Chinese, dreams of overnight riches became a nightmare when
the founder of the site, Zhang Xiaolei, was placed in police custody after turning himself in just before the start of the new year.
Comment: Clearly CNN doesn't care what people want or think and will likely continue to peddle its anti-Russia lies until it fails as a company.