PayPal Financial employees defend their rights and demand their wages, revealing the biggest scam in the Asian cryptocurrency circle

Recently, an employee of the Babel team (later the Hopemoney team) revealed that HopeLend has been withholding salaries for most of the team members since December last year. On June 12, the HR told them that they would not be paid any more salaries, and then suddenly shut down Lark and the intranet login rights.

Currently, the entire Babel team has been forcibly disbanded, and there is no intranet permission to maintain it.

The employee also produced the contract between him and the company and related evidence to prove that he is indeed an employee of the company and not groundless.

The employee said that after HopeLend experienced a theft incident last year, a wave of layoffs occurred. He and the remaining employees have been working hard, and even the HopeCard team has been working overtime for several consecutive months and weekends to iterate the product launch. However, Yang Zhou (HopeLend CEO) withheld salaries on various excuses such as financing difficulties and no money, and has not spoken publicly within the company for half a year. Team members have always believed that what he said is the truth and give him time.

It is revealed that users who suffered losses due to the theft of the HopeLend project have not received any compensation so far, because some members of the team also pledged their assets in it. The employees who were laid off before did not receive any compensation, and the ordinary employees who are still working have nothing. The labor contract entities signed by different employees are different. Previously, the contract was changed two or three times on the grounds of cancellation of the domestic Chinese entity, and the PDF electronic signature was directly sent via WeChat.

According to Tianyancha and the information obtained by the employees, HopeLend is mainly divided into three parts. One part is Beijing Jinxing Yunchuang as the main body, and the legal person is Mi Xiaoping (said to be Flex Yang Zhou's brother-in-law), the other part is Babel Tech and Beijing Babel Technology as the main body, and the legal person is Zhao Jiahong, and the rest is the Singaporean entity Babel Asia Asset.

However, these domestic entities have no connection with Yang Zhou. According to the employees, it was found that Yang Zhou had a separate entity in China called Yueliang Pao, and served as the legal person.

The wage arrears employee then said that he was a general bottom-level R&D staff, and it was the first time he encountered wage arrears. Because he was working remotely, he had no specific office space, and his boss Yang Zhou was abroad. In addition to this normal but seemingly ineffective legal way to ask for wages, he could only seek exposure through X.

In addition to the employee's revelations, another former colleague also sent a screenshot of the internal office group to confirm that what he said was true:

In the picture, we can also clearly see that the employee asked Flex Yang Zhou about wages, but it seems that he did not get a reply from Flex.

PayPal Finance Thunderbolt Incident

It was revealed a few years ago that PayPal Finance founders Yang Zhou and Wang Li (Del Wang) owned top mansions and luxury goods in Singapore and lived a luxurious life. According to insiders, the two trading directors caused a loss of nearly US$300 million. After the thunderbolt, Singapore's debts were repaid in full, while debts in other regions were avoided.

Split: The battle for the right to distribute the cake

Under China's strong regulatory policy environment for the crypto industry, PayPal Finance chose to go to Singapore in 2021. Founder Yang Zhou came to Singapore with his team, and then Wang Li also arrived. At a public investor dinner, Wang Li attacked Yang Zhou, forced Yang Zhou to withdraw from the company, and acquired his shares for $60 million.

Since then, Wang Li has successfully become the largest shareholder of PayPal Finance, which has become the most favorable condition for him to monopolize power and set up his own "dark pool of funds" and squander.

Spending money like water and extravagance; Tesla has become Rolls-Royce, Ferrari, and Bentley

After Wang Li kicked Yang Zhou out, he began to squander wildly. In December 2021, Wang Li arranged a charter flight to take his entire family (wife, children, parents, and parents-in-law) from mainland China to Singapore to settle down, and then he no longer had any scruples about what he did in Singapore. It was also from this moment that he showed the devil's fangs and frantically transferred investors' funds directly or indirectly to his own pockets.

Both Yang Zhou and Wang Li bought luxury houses in Singapore. Wang Li's house is next to Zhang Yong, the founder of Haidilao, which is a wealthy area in Singapore.

Flex's luxury home: 1 Jln Pasiran Singapore 308455

Del Wang's luxury home: 21 Cluny Park, Singapore 259626

According to people familiar with the matter, when Flex Yang was in Singapore, he often invited more than a dozen women to the luxury house for entertainment. PayPal's COO Mi Xiaoping is Yang Zhou's brother-in-law. Mi Xiaoping is not a good person either. He also has ambiguous relationships with many female subordinates.

From the news of these insiders, it can be seen that their luxury overseas is difficult to describe as crazy. In the luxury house where they live, every brick and tile is soaked with the hard-earned money of the defrauded investors.

"Cousin" Wang Li

After becoming rich, Wang Li (Del Wang) has also become a veritable "cousin". Just from the list of assets disclosed by Wang Li, it can be seen that he owns as many as 60 expensive watches, with the highest valuation close to 10 million US dollars. Even after declaring insolvency and the company's collapse, he still bought two expensive watches.

In addition, they play cards almost every day in Singapore, usually with bigwigs in traditional circles and people in the investment circle. The stakes are very high, and the winnings and losses can reach millions of dollars every night. After all, they use investors' money as chips. If they lose, it will be counted in the investors' accounts, and if they win, it will be put into their own pockets.

In the end, under this continuous squandering, PayPal Finance and tens of millions of investors were pushed into an abyss of no return.

Huge losses: ultimately unable to recover

Simons Chen, former trading director of PayPal Finance, and Wang Wenliang, current trading director, respectively caused huge losses. After being squandered and lost, investors' funds became precarious. In March 2022, PayPal Finance announced that it had raised $80 million at a valuation of 2 billion, but it still could not save the situation and was ultimately unable to recover.

After the thunderstorm, Wang Li tried to attract investment through overseas resource relationships, but failed. On June 18, 2022, immediately after the crash, an investor successfully collected debts through the underworld, and Wang Li and Yang Zhou quickly moved out of the mansion and hid their whereabouts. At present, they are still in Singapore, trying to promote corporate restructuring and achieve "escape".

The PayPal Financial crash revealed the fatal blow of extravagant life and extravagance to enterprises. The suffering of investors has not yet come to an end, and the success of rights protection and asset recovery is still a long way off.