360 Security Technology (SH:601360) 凤凰网财经·2025-12-16 11:33Core Viewpoint - The article discusses a public outburst by Yu Hong, a former senior vice president of 360, who accused the company's chairman and CEO Zhou Hongyi of financial fraud involving billions. This incident has sparked significant attention in the internet and cryptocurrency sectors [1][25]. Group 1: Allegations and Reactions - Yu Hong publicly accused Zhou Hongyi of helping to falsify financial records, claiming to have evidence that he would release online [1]. - Zhou Hongyi denied the allegations of financial fraud, stating that Yu Hong had never held a core management position at 360 and that the company would pursue legal action against him [6]. Group 2: Background of Yu Hong - Yu Hong, known as "Hongjie," is a prominent figure in the internet industry, having founded Qiyou Network and served as a senior vice president at 360 after its acquisition of Qiyou for $1 billion in 2014 [8]. - He gained significant influence in the cryptocurrency space through the "Three O'Clock Blockchain Group," which attracted many key figures in the industry [10]. Group 3: Cryptocurrency Ventures and Downfall - Yu Hong launched the XMX (XMAX) blockchain project, which initially gained popularity but later saw its value plummet by 1500%, leading to substantial losses for investors [12]. - After 2019, Yu shifted focus to Bitcoin mining and U.S. public companies, but his current status shows many of his ventures have faced legal and financial troubles [12][17]. Group 4: Current Context and Implications - The cryptocurrency market has been volatile, with significant price drops affecting major exchanges like Binance, which faced operational issues during a market downturn [13][17]. - 360 has also experienced financial difficulties, reporting losses for three consecutive years before showing signs of recovery in 2025 [17].