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……

Core Viewpoint - The company Baibaokun, a health service vertical search engine, is facing a crisis as users report not receiving promised rewards, leading to speculation about the company's potential collapse [2][4][9]. Group 1: Company Operations and Business Model - Baibaokun operates on a model that combines "rights products + high cashback" and "points redemption," which has raised concerns about its sustainability and legality [3][12]. - The platform's promotional strategy included offering significant cashback in the form of JD.com gift cards, which attracted many users but has now led to widespread complaints about non-fulfillment [9][10]. - The company has shifted its business model since 2023, moving away from traditional insurance services to a more aggressive marketing approach that resembles illegal fundraising practices [15][20]. Group 2: User Complaints and Reactions - Users have flooded social media with complaints about not receiving their promised JD.com gift cards, with many questioning whether the platform has ceased operations [2][4][9]. - Reports indicate that the company has vacated its office space and is unresponsive to inquiries, further fueling speculation about its viability [6][8]. - A significant number of users have expressed frustration over the inability to redeem their accumulated rewards, with some claiming to have hundreds of unfulfilled gift cards [4][10]. Group 3: Legal and Regulatory Concerns - Legal experts have suggested that Baibaokun's business model may constitute illegal fundraising or investment fraud due to its high-return promises and lack of legitimate insurance backing [12][14]. - The platform's operations have been characterized by a "Ponzi scheme" structure, relying on new user investments to pay returns to earlier users without any real profit generation [13][14]. - The company has faced scrutiny for its lack of transparency and failure to provide standard insurance documentation, raising red flags about its compliance with regulatory standards [20].