Core Insights - The mobile rental platform Qingyun Rental has experienced a significant crisis, with many investors unable to withdraw their funds [1] - The platform promised high returns, claiming that users could earn a 16.8% annualized return by investing in mobile phones for rental [1] - Reports indicate that over 50,000 investors are facing difficulties, with some losing substantial amounts, including one individual who invested 560,000 and another who lost 1.3 million [1] Summary by Sections Business Model - Qingyun Rental's business model involved users purchasing mobile phones and renting them out through the platform, with claims of quick returns [1] - The platform's promotional strategy included endorsements from well-known companies and institutions, creating an illusion of security and reliability [1] Investor Experience - Many investors were attracted by the high returns and encouraged friends and family to join, expecting easy profits [1] - However, the reality has been starkly different, with reports of individuals taking loans to invest, only to find their principal at risk [1] Operational Issues - Anomalies were discovered in the rental operations, with over 110,000 phones reportedly concentrated in two small villages in Henan, raising questions about the legitimacy of the rental model [1] - Employees were reportedly pressured to invest their own money to meet performance targets, creating a cycle of "paying to work" [1] Related Ventures - Qingyun Rental has expanded into other areas, including e-commerce and second-hand recycling, but these ventures appear to lack functional applications, further questioning the overall business viability [1] - The operational logic of Qingyun Rental has been identified as a classic Ponzi scheme, relying on new investors' funds to pay returns to older investors, leading to a potential collapse if new investments slow down [1]