知名平台突然爆雷，原办公地9月时已人去屋空！消费者慌了：要么退款，要么发货

Core Viewpoint - Baibaojun, a health service (insurance) vertical search engine, is facing a crisis as users report not receiving promised JD.com gift cards after purchasing products, leading to speculation about the platform's potential shutdown [1][3][8]. Group 1: Business Model and Operations - Baibaojun operates on a model that combines "rights products + JD.com gift card returns + points redemption," which has contributed to its current predicament [2][8]. - The platform previously offered high returns on purchases, such as a 500 yuan JD.com card for a 2,690 yuan insurance product, creating an illusion of free insurance and additional cash benefits [8][11]. - Users have reported that the platform has stopped issuing gift cards, with many expressing concerns about the company's operational status [3][12]. Group 2: Company Status and User Reactions - As of September, Baibaojun's office was vacated, and attempts to contact the company revealed that its phone line was disconnected [6][7][9]. - Users in various online groups are actively discussing their inability to redeem gift cards, with some speculating that the platform has ceased operations [3][12]. - The company has announced a "refund processing period" for expired and unexpired products, but details remain unclear [15]. Group 3: Legal and Regulatory Implications - Legal experts suggest that Baibaojun's business model may constitute illegal fundraising or investment fraud due to its high return promises and lack of legitimate insurance contracts [15][19]. - The platform's operations have raised concerns about potential Ponzi scheme characteristics, as it relies on new user funds to pay existing users [15][19]. - The company has not provided updates on its operational status since 2023, and its former parent company, Zhong'an Technology, has distanced itself from Baibaojun [19].