360 Clarification: Yuhong has never served in a core management position at 360, and the claims of "financial fraud" are completely contrary to the facts.

BlockBeats News, December 16th. In response to former 360 executive Yu Hong's public criticism of 360 Group founder and chairman Zhou Hongyi on WeChat Moments and in the community, 360 Group issued a statement stating that Yu Hong maliciously defamed Mr. Zhou Hongyi and several other entrepreneurs, with extreme and baseless remarks that had a severe negative impact.

The Group stated that Yu Hong's claims of "financial fraud" and other statements are completely contrary to the facts. 360 Group has always adhered to compliant operations, strictly followed national laws and regulations as well as securities market rules, regularly undergone audits by authoritative institutions, maintained financial transparency, and operated in a healthy and compliant manner. In response to Yu Hong's malicious slander against 360 Group, founder Mr. Zhou Hongyi, and related entrepreneurs, 360 Group will take legal actions to hold Yu Hong accountable, resolutely defending the corporate reputation and legitimate rights.

Earlier today, BlockBeats reported that late at night, Yu Hong fiercely criticized 360 Group founder Zhou Hongyi on WeChat Moments and in community groups. He claimed to have helped Zhou Hongyi with at least tens of billions in accounting fraud and possesses the data, which he will release publicly online. He stated that all of Zhou Hongyi's gaming business's finances are fraudulent. He also expressed deep regret for knowing Zhou Hongyi, stating that he had been cheated out of a lot of money.

Yu Hong is a well-known figure in the internet and blockchain circles, having founded a game company in the early years, which he later sold to 360 and joined as a Senior Vice President. In 2018 during the Chinese New Year, he initiated the "3 O'Clock Blockchain Group," which still has hundreds of members, including Sequoia Capital's Shen Nanpeng, 360's Chairman Zhou Hongyi, Xu "Manzi" Mingxing, and Distributed Capital's partner Shen Bo.