The fire bull platform finally came to an end: Gao Caisheng developed an illegal virtual currency trading platform involving 480 million yuan of funds

Abstract: The taolu loan terminal reproduces the virtual currency trading platform "Fire Bull".

On June 18, Zhangjiagang police exposed the case at a press conference to detect a large cross-border online loan fraud case:

Zhangjiagang police recently detected a cross-border extraordinarily large illegal fourth-party payment platform case, successfully destroyed a criminal gang that provided payment and settlement channels for routine loan fraud, arrested 72 people involved in the case, and the funds involved in the case were more than 480 million yuan. After investigation, the "Fire Bull" platform was founded by Wang Mou and 4 other people, accumulating more than 90 million yuan.

For people in the industry, the word "fire bull" is not unfamiliar.

Routine loan terminal reproduces virtual currency trading platform "Fire Bull"

According to the police press conference, in the pursuit of a routine loan fraud report, the police found that hundreds of loan APPS suspected of routine loans are using a fourth-party payment platform called "Fire Bull".

"The Huoniu fourth-party payment platform in this case is actually a virtual currency trading platform, which is an unlicensed institution that illegally carries out fund payment and settlement services without obtaining a statutory payment business license." Zuo Chao, deputy director of the Tangqiao Police Station of the Zhangjiagang Municipal Public Security Bureau, said in an interview.

According to the report, the platform was founded by Wang Mou and other private individuals, using blockchain technology to settle and evade fund tracking. Cai Hao, a police officer of the Zhangjiagang City Public Security Bureau's Internet Police Brigade, also pointed out some details in the case, and the "Fire Bull" platform settled through the "Fire Bull Coin" issued: "The final settlement is the settlement between the virtual currency platform and the owner of the loan APP, and it is settled with RMB one-to-one according to how many Fire Bull Coins are in your account."

The police also mentioned: "Wang Mou was previously a high-caliber computer student at a famous school, with an annual salary of millions, before, after finding out that people took the technology they developed, they went out to make money, and made a lot of money, and then they quit the job that we thought was quite high, and the annual income was one hundred thousand yuan, and after quitting these jobs, they came out and developed this fire bull platform." [The police] cut off all of his capital chains, and the second one started with his family, because we learned that he was also a high-IQ and highly educated person, and we persuaded his family."

According to further reports, since December 2019, the gang has committed crimes in Da Nang, Vietnam, and Kokang, Myanmar. The core personnel of the platform are hidden in the Kokang region of Myanmar, while the remaining personnel are scattered in various parts of the country, including Da Nang in Vietnam, Dubai in the United Arab Emirates, Guangzhou in Guangdong, Beihai in Guangdong, Chengdu and Suining in Sichuan, Hangzhou and Wenzhou in Zhejiang. In April this year, the Internet police went to four provinces and six cities to collect the network, and then arrested 72 people involved in the case, involving 480 million yuan of funds, preliminary statistics, the platform accumulated more than 90 million yuan.

Below the news, the most praised comment was as follows: "This person is From Tsinghua, and many people went to Tsinghua Bar to scold him when there was an accident before." There is a fire bull video project that I worked on two years ago, and it is very obvious that the money game, the early participation may be returned."

Fire Bull Video: Memories from 2018

What is the connection between the Fire bull platform and the "Fire Bull Video" in 2018?

Time turned to 2018, with the concept of "blockchain + video" hot bull video quickly became popular, the platform relied on new rewards and high dividends to attract a large number of users. According to media reports, the total recharge users of the Fire Bull video platform that year were about 2.9 million, and the total recharge amount was more than 600 million.

According to the original white paper of the outgoing Fire Bull Video, the platform is planned to be built into Douyin and YouTube with blockchain technology, and CEO Jing Feng is a doctor of artificial intelligence at Tsinghua University, and has been guaranteed to tsinghua university computer major with the first place in Tsinghua University. The platform credits are called FB, a total of 10 billion pieces, and users can rely on the FBs they hold to participate in dividends.

Regarding the authenticity of Dr. Jingfeng's identity, it can be seen through the google scholar website link that he has worked in Baidu, Tudou, and Microsoft Asia. Compared with the account of the same name on the Zhihu platform again, the educational experience of Jing Feng, a user with similar information, is also from the Department of Computer Science of Tsinghua University.

However, a few months after the explosion, the Fire Bull video platform began to frequently modify the dividend rules, and the user withdrawal channel was stopped. What followed was a long road for investors to defend their rights.

When the Fire Bull video gradually disappeared around the beginning of 2019, some media pointed out: "Some whistleblowers said that despite the intervention of the police, they did not find Jing Feng from beginning to end."

In October 2019, the anti-deception network issued a report that the fire bull video was suspected of making a comeback, and prompted users to be vigilant.

The "Fire Bull" fourth-party payment platform mentioned in the case has been in frequent action since December 2019. The police report said that the platform has a "clear division of labor", including fourth-party payment platforms, APP developers, APP promoters and so on.

According to the information currently released by the police, it is not yet possible to fully clarify the criminal suspect and "Jingfeng", but after a large number of community user feedback, the information points that have been disclosed, such as "Huoniu Coin", "Blockchain Technology", "Graduation from Famous Schools", "Graduation from Computer Science Department", "Team Distribution in Guangzhou City, Guangxi Beihai City, Sichuan Chengdu City and Suining City, Zhejiang Hangzhou City and Wenzhou City", etc., have all pointed to Huoniu Video step by step.

2020 Regulatory Tone "Net"

Coincidentally, recently, the official public account of the Haizhou Branch of the Lianyungang Municipal Public Security Bureau issued the "Notice on the Verification and Registration of Information of Investment Members in the "Bell Chain" Case", and the criminal suspects Cheng Moufa, Zhang Mou and others suspected of organizing and leading pyramid schemes have been transferred by the Haizhou Branch of the Lianyungang Municipal Public Security Bureau to the Haizhou District People's Procuratorate for review and prosecution in accordance with the law.

At this point, Bell Chain has been characterized as a pyramid scheme. At present, the police are soliciting clues from the public, and members who register investment in the relevant game public chain, and members who can prove that they participated in the registration investment at the instigation of the criminal suspect in this case, can carry out information verification and registration.

According to Blocklike, at present, the Ministry of Public Security's "Clean Net 2020" special action is in full swing." The "Clean Net 2020" special action is approved by the Party Committee of the Ministry of Public Security to crack down on and rectify illegal and criminal activities on the Internet, thoroughly rectify the online order, and further create a safe, clear and orderly network environment. The purpose is to further strengthen the crackdown on network crimes and the rectification of cyberspace order, resolutely break the network black and gray industrial chain, rectify the ecology of network crimes, and curb the high incidence of network crimes.

At present, the local financial supervision bureau recently clearly stated in the recent circular that the objects of the relevant Internet financial risk special rectification cover P2P network lending, non-bank payment, virtual currency transactions, ICOs, Internet asset management, Internet foreign exchange transactions and other business areas. In the case of a re-tightening of state regulations, the blockchain industry is not illegal, and Pon's scams that rely on related technologies or financial concepts will eventually be punished by law.

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