A former 360 executive launched a late-night attack on Zhou Hongyi, accusing him of financial fraud and vowing to expose it online.

According to Mars Finance, on December 16th, social media posts revealed that Yu Hong, a former 360 executive and founder of XMAX, launched a fierce attack on Zhou Hongyi, founder of 360 Group, in his WeChat Moments and online groups late at night. He claimed to have helped Zhou Hongyi commit accounting fraud involving at least several billion yuan and possessed the data, which he would release online. He stated that all of Zhou Hongyi's games involved financial fraud and that knowing Zhou Hongyi was a huge mistake, resulting in him losing a lot of money. Yu Hong is a well-known figure in the internet and blockchain circles. He founded a game company early in his career, later sold it to 360, and joined 360 as a senior vice president. During the 2018 Spring Festival, he launched the "3 O'Clock Blockchain Group," which still has hundreds of members, including Sequoia Capital's Shen Nanpeng, 360 Chairman Zhou Hongyi, Xue Manzi, and Distributed Capital partner Shen Bo.