Wu said that short-selling firm CapitalWatch released a report stating that Nasdaq-listed company and mobile marketing platform AppLovin "has systemic compliance risks in its core capital structure and is suspected of major financial crimes," alleging that major shareholder Hao Tang and his behind-the-scenes funding network bypass global anti-money laundering (AML) mechanisms to inject illegal funds from China and Southeast Asia into the U.S. capital market. The report further claims that the related funding sources involve illegal fundraising from TuanDai.com and Southeast Asian "pig-butchering" scams (cryptocurrency investment fraud) profits. AppLovin has not responded at this time.