Beijing mutual fund association establishes anti fraud alliance

1.

The most significant applications are

1. Think about using blockchain in enterprise applications to provide more flexible, safe and efficient business processes and distributed, independent markets. Blockchain allows asset owners to track and trade valuable things, such as outstanding invoices, on a transaction "chain" that is more secure, transparent, private and self-coordinating. This capability improves the speed and flexibility of cash and asset management. For example, you are afraid to buy fake things, because a manufacturer transfers proction to several middlemen, and then you buy through middlemen, not manufacturers. If all the data is distributed, point-to-point and transparent, you can buy and pay directly from the manufacturer

The automation market of other assets will be diversified. In essence, because the software itself is controlled and open architecture, and visible to all transaction participants, the transaction based on blockchain can rece the demand for third-party supervision. If the enterprise can publish the value information to multiple potential buyers, and for all buyers, the content can be trusted and visible, and the seller can't sell again, then an open and transparent competitive environment will be formed when purchasing, and the seller can get better prices

3. Rece business transaction friction. Managing spending is a challenge for most organizations. However, blockchain enables enterprises to create self-management networks for suppliers and partners, realize contract automation, real-time payment, tracking of goods transportation, and visibility of the whole supply chain. For example, if a company uses refrigerated containers to transport perishable goods, when the container temperature exceeds a certain threshold, the IOT sensor on the truck may call the smart contract on the blockchain. This will cause the corresponding order to be cancelled, and it will also be able to automatically create a new order, so that a second batch of goods can be sent immediately. Trucks with faulty refrigeration equipment can also go to the repair Office for repair

This kind of network can rece transaction errors and information omission by recing or eliminating human-computer interaction. Moreover, by connecting buyers and sellers directly, transactions can become faster. Manage and secure decentralized private records. Its traditional instry practice is to rely on a third party, using firewalls and restricted access to protect their shared information database. And frequent data leakage events show that this approach is not very ideal. A fundamental advantage of blockchain is that each indivial data record or element is encrypted by the key of a blockchain member. Cybercrime may need to obtain each key of each member in order to access all the blockchain data. This is not to say that blockchain can guarantee 100% security of all data, which helps to rece the possibility of exposure of a large number of private records

5. A reasonable application is the record of employees or students. Employers, ecational institutions and even instry certification bodies can add new qualifications, grades or work places when necessary. Imagine giving employees a key to access all their employee records as part of a secure blockchain containing human resources. Indivials can safely share their university transcripts or employment history with other companies or ecational institutions without relying on unreliable and easily falsified faxes. Trace the origin of procts and raw materials. Blockchain can help ensure proct quality and safety by simplifying the tracking and positioning of procts and raw materials in use. For example, if an automobile manufacturer forms a quality centered blockchain including parts suppliers, parts assemblers, quality control suppliers and public management organizations (such as the National Highway Traffic Safety Administration). Then the recall process of defective parts will be faster. It makes sense to think that thousands of people die every year because of defective car parts

6. Verify identity, verify published information and data. Create a better user control mechanism. Nowadays, user information is easy to be manipulated, distributed to third parties, or even sold, so as to create revenue streams for owners of social media platforms, which will never be shared with users of information. Blockchain can disrupt all of these activities. It allows users to control their own information and its exact location. No platform can be accessed without permission. Users can decide who can access their information. They can deal directly with advertisers and third parties according to their choice, rather than like others. Moreover, users can choose to share their information with advertisers on any platform for a fee

to sum up, blockchain is a kind of chained data structure that combines data blocks in chronological order in a sequential way, and it can not be tampered with and forged by cryptography. In a broad sense, blockchain technology uses blockchain data structure to verify and store data, uses distributed node consensus algorithm to generate and update data, and uses cryptography to ensure the security of data transmission and access A new distributed infrastructure and computing method (reference network) for programming and operating data by using intelligent contract composed of automated script code

Application in finance

three major applications of blockchain technology

1. Application of blockchain technology in asset securitization field

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in recent years, The domestic asset securitization (ABS) instry is developing rapidly. At the same time, the problems of asset cash flow management need to be improved, the transparency and efficiency of underlying asset supervision need to be improved, the efficiency of asset transaction settlement is low, and the cost of credit enhancement is high are graally exposed. In order to apply blockchain technology in ABS field, participants need to build ABS blockchain alliance, which is composed of asset side, pre ABS investor, SPV (trust), escrow bank, manager, intermediary, ABS investor and exchange. Its core business includes fund transaction reconciliation, transaction file management, data interaction interface, information release and sharing, underlying asset management, intelligent ABS workflow and so on. Blockchain application can at least empower ABS instry in the following five aspects

To improve the cash flow management of ABS< Second, it is concive to penetrating supervision
thirdly, it can improve the settlement efficiency of financial assets< (4) the efficiency and transparency of securities trading will be greatly enhanced
fifthly, it can rece the transfer cost of credit enhancement

2. Application of blockchain technology in insurance instry. However, with the tightening of regulatory policies on medium and short-term survival procts, the business scale of universal insurance has declined significantly. In the aspect of insurance proct design, blockchain is concive to promoting the breakthrough and rapid development of customized insurance categories, such as agricultural insurance and proct quality insurance

quality insurance can endorse the reputation of enterprises and protect the rights and interests of consumers. However, insurance companies need to make a comprehensive evaluation of enterprises and procts to underwrite quality insurance, but these data are often difficult to collect truly and effectively, which restricts the development of quality insurance. The establishment of proct traceability and anti-counterfeiting application platform based on the underlying technology of blockchain can help insurance companies easily trace the information of proct proction, processing, sales, purchase, complaints and other links through the platform, so as to effectively judge the incidence of quality defects of related procts, formulate insurance procts, and promote consumption upgrading and instrial upgrading


in insurance sales, the application of blockchain technology can simplify the sales process, save the sales cost and realize the traceability of insurance sales. From the perspective of insurance companies, when willing policyholders purchase insurance policies through channels, channel providers uniformly send policyholders' information to the blockchain platform. The platform judges whether willing policyholders are in the white list according to the distributed storage information. If they meet the standards, they will accept the purchase request, which saves the tedious process of manual transmission, acceptance, review and feedback. From the perspective of consumers, blockchain technology can realize the traceability of insurance sales behavior and safeguard the legitimate rights and interests of consumers. The insurance sales market has been in chaos, and the phenomenon of false publicity of insurance procts through deception, concealment or incement has been repeatedly prohibited. Blockchain technology can link the key actions of each link of insurance sales, and realize the traceability of the whole process of sales actions, so as to standardize the insurance sales behavior and promote the sustained, healthy and stable development of the instry

in the insurance claim process, the application of blockchain technology can improve the claim efficiency and customer experience. Claim and loss handling process is an important process in insurance market. The complex claim process increases the cost, reces the claim efficiency and affects the customer experience. Smart contract technology can simplify the claim submission process, rece the need for manual review and shorten the processing cycle. At the same time, it is easier to identify suspicious behaviors through the historical claims and asset source records in the distributed ledger
in the field of insurance anti fraud, the application of blockchain technology can effectively prevent the occurrence of insurance fraud. Insurance fraud not only erodes the profits of insurance companies, but also damages the legitimate rights and interests of other insurance consumers. Although every insurance company has made a lot of efforts in anti fraud, the reality is still grim. Blockchain technology can at least help the insurance instry alleviate or even resolve this stubborn disease in the following two aspects. First, establish anti fraud sharing platform to rece fraud and strengthen evaluation through historical claim information; The second is to establish "unique and identifiable identity information" by using reliable data sources and coded business rules, so as to prevent false use of identity

3. The application of blockchain technology in the field of asset custody
in recent years, the global asset custody instry has entered the fast lane of rapid development, and the scale of Custody Assets and main custody procts have maintained rapid growth., However, there is still a certain gap between this scale and the international advanced peers, and there is still a large space for the development of China's asset custody instry

the application of intelligent contract technology in blockchain can effectively solve the operational risk in asset custody business. We can optimize the business process of asset custody from the following aspects: first, we realize the automation of the whole process, encapsulate the business instruction judgment and execution rules into the smart contract, use the smart contract execution and provide risk tips; The second is to improve the process efficiency, the real-time sharing of asset change, transaction details and other information among the asset consignor, manager, trustee and agent, eliminating the process of repeated verification and right confirmation; The third is to ensure the security of the performance and the authenticity of the transaction. By setting the key, the formal information of the participants, the limited visibility of the account information and the verifiability of the transaction are guaranteed; The fourth is to ensure that the information can not be tampered with, and put the compliance verification requirements of the investment plan on the blockchain to ensure that each transaction is completed on the basis of consensus


at present, bitcoin is the most closely related to blockchain. If you want to learn more about bitcoin blockchain, you can follow some new media. For example, Sohu, Baijia, mustard circle and so on. Foreign websites, such as CCN, coindesk, etc., all have huge applications

2.

If you want to understand the application of blockchain, you can refer to many books and opinions, such as illustrated blockchain, blockchain: reshaping the economy and the world, blueprint and guide of new economy, and articles of coin'an community, including a detailed understanding of the platform of coin'an community, with great strength

As the name suggests, blockchain is composed of block and chain. It is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and so on. It is a kind of chain data structure that combines data blocks in order according to the time sequence, and it is a secure and reliable distributed account book that can not be tampered with and forged by means of cryptography

in 2008, in his paper bitcoin: a peer-to-peer e-cash system published by Nakamoto, he first proposed the idea of blockchain and encrypted digital currency. Starting from bitcoin, blockchain has become the underlying technology of various digital currencies

2. Working principle of blockchain:

1. Basic concepts include:
(1) transaction: one operation will change the account status once, such as adding a record
(2) block: records the transaction and status data within a specified time, which is a consensus and preservation of the current account status
(3) chain: it is composed of a series of blocks in chronological order, which is the log record of the whole state change
if you understand the working concept of blockchain, it is not difficult to understand its working principle. Suppose there is a distributed data logbook, which can only be added, deleted or changed. Its structure is a linear chain formed by a series of "blocks" (which is also the source of the name of "blockchain"), and new data needs to be added, It must be put into a new block. The maintenance node can propose a new block, but it must go through a certain consensus mechanism to reach an agreement on the final selected block

2. Take bitcoin as an example to see the working principle of blockchain

the block of bitcoin is divided into block head and block body< The core advantages and characteristics of blockchain are as follows:

3.

1. The verification, accounting, storage, maintenance and transmission of blockchain data are all based on the distributed system structure. There is no centralized hardware or management organization, and the rights and obligations of any node are equal, The data blocks in the system are jointly maintained by the nodes with maintenance function in the whole system
2. Open and transparent
the system is open, in addition to the private information of all parties to the transaction is encrypted, the data of the blockchain is open to all, and anyone can query the blockchain data and develop related applications through the open interface, so the information of the whole system is highly transparent
3. Security
blockchain adopts consensus based specifications and Protocols (such as a set of open and transparent algorithms) to enable all nodes in the whole system to exchange data freely and safely in a de trusted environment, so that the trust in "people" is changed into the trust in machines, and any human intervention does not work
4. Information cannot be tampered with
once the information is verified and added to the blockchain, it will be stored permanently. Unless more than 51% (almost impossible) nodes in the system can be controlled at the same time, the modification of the database on a single node is invalid, so the data stability and reliability of the blockchain are extremely high
5. Anonymity
because the exchange between nodes follows a fixed algorithm, their data interaction does not need trust (the program rules in the blockchain will judge whether the activity is effective by themselves), so the counterparties do not need to let the counterparties generate trust by disclosing their identities, which is very helpful for credit accumulation

At present, the most popular classification of blockchain is to divide blockchain into public blockchain, private blockchain and consortium blockchain according to different participants

1. Public chain: anyone can participate in the use and maintenance, and can obtain the effective confirmation of the blockchain. Public chain is the earliest blockchain and the most widely used blockchain at present, such as bitcoin blockchain. The information is completely public

if the licensing mechanism is introced, it includes private chain and alliance chain
2. Private chain: a company or indivial only uses the blockchain technology and enjoys the write permission of the blockchain, and the information is not disclosed. At present, conservative giants (traditional finance) want to experiment with private blockchain, and the application procts of private blockchain are still groping
3. Alliance chain: it is a blockchain controlled by multiple organizations, which is between the public chain and the existing chain. The use of the chain is managed with authority, which can be controlled by the manager, and also open to others according to the manager's wishes
in addition, according to the different use scenarios and purposes of blockchain, it can be divided into currency chain for the purpose of digital currency, property chain for the purpose of recording property rights, and crowdfunding chain for the purpose of crowdfunding

On May 28, Ma Huateng, CEO of Tencent, proposed the anti-counterfeiting method based on cloud integrated blockchain technology, which is far more efficient than traditional anti-counterfeiting methods. The future anti-counterfeiting verification scenario may only require users to use their mobile phones for simple scanning, and a large number of complete information based on different dimensions can be obtained

take Maotai liquor as an example:

distillery address, proction workshop, operation staff, inspector, delivery time, transportation vehicle information and driver information,

liquor year, raw material source, raw material supplier, storage warehouse number, raw material transportation vehicle and driver information,

all information can be accurately traced, permanently recorded and tampered with

the above information can be easily verified

2. Food safety issues as early as last November, Wal Mart has cooperated with IBM to track the source of food by using blockchain technology, so as to ensure the safety of food and increase the circulation of food to rece costs. For Wal Mart and other large supermarkets, it took a few days to investigate the source of problem food, After using this technology, only one item of proct information is needed to achieve accurate traceability, and important information such as food origin, inspector, supplier, logistics and transportation can quickly find problems in a few minutes. Currently, procts tracked by blockchain include packaging procts from the United States and pork from China

3. Information security

blockchain technology is promoting an information security technology revolution. (1) identity protection PKI is a common public key encryption technology in e-mail, message application, website and other communication applications. However, since the implementation of most PKI, the centralized trusted third party certification authority (CA) is used to issue, activate and store user certificates. Hackers can attack PKI to fake user identity or crack encrypted information

certcoin is the first PKI implementation of blockchain, which comes from MIT, removes the centralized authentication center, and uses blockchain as a distributed ledger for domain name and public key

pomcor company: blockchain PKI implementation path: keep the authentication center, and use blockchain to store the hash value of issued and activated certificates. Users can verify the authenticity of certificates through decentralized and transparent sources, and can also improve the network access performance through local authentication of secret key and signature based on blockchain

(2) data integrity protection

guardtime developed a secret key free signature architecture (Ksi) based on blockchain technology to replace the secret key based data authentication technology. Ksi stores the hash table of the original data and files on the blockchain, runs the hash algorithm to verify other copies, and compares the results with the data stored in the blockchain. Any data tampering will be found quickly because the original hash table is stored in millions of nodes

(3) key infrastructure protection

the "Achilles heel" of the Internet, DDoS has entered the TB era, DDoS is still the simplest weapon for hackers to bring down the big target with low cost, DNS service is the primary target for hackers to carry out large-scale destruction, but blockchain technology is expected to fundamentally solve the problem

The distributed storage of

blockchain makes hacker attacks lose focus. Nebulis is developing a distributed DNS system, which uses Ethereum blockchain and interstellar Internet file system (IPFs, the distributed substitute of HTTP) to register and resolve domain names. The biggest weakness of DNS is caching, which makes DDoS attacks possible. It is also the bane of the centralized government's censorship of social networks and manipulation of DNS registration. A highly transparent and distributed DNS system can effectively prevent any entity, including the government, from arbitrarily manipulating records

(1) digital currency: improve the convenience of currency issuance and use, such as bitcoin and Ethernet in foreign countries, and guorenbao in China

from the use of physical transactions, to physical currency and credit currency, and then to the rise of bitcoin network, more and more people are aware of the distributed ledger blockchain technology behind it, and graally apply it in many scenarios other than digital currency

(2) cross border payment and settlement: realize point-to-point transaction, rece intermediate fees

transfer and payment. At present, the most mature application of blockchain technology is payment and transfer. Blockchain technology can avoid complicated systems, save the process of inter-bank reconciliation and review, and accelerate the settlement speed; Virtual currency can rece transaction costs without the intervention of clearing house. Different countries have different clearing proceres. It takes two or three days for a single remittance to arrive, which is inefficient and accounts for a large proportion of funds in transit. No longer through the third party, through the blockchain technology to form point-to-point payment. By eliminating the link of the third-party institutions, we can make full day payment, real-time payment, withdraw cash quickly and rece the hidden cost, which helps to avoid the capital risk. It is timely and convenient

(3) bills and supply chain financial business: rece human intervention, rece costs and operational risks

value transfer between point-to-point, control and verify physical bills or central system; Intermediaries will be eliminated and human intervention reced. With the improvement of efficiency, financing channels are more unblocked, risks are lower, and multiple parties benefit

(4) securities issuance and Trading: realize quasi real-time asset transfer, accelerate the speed of transaction clearing

the application of blockchain technology can make the process of securities trading more concise, transparent and fast, rece the plication of IT system, and improve the efficiency of market operation. For stocks, blockchain can eliminate paper and pen or electronic form records, rece human errors in trading, and improve the transparency and traceability of trading platform. Citigroup and Nasdaq cooperate to promote blockchain applications

(5) customer credit investigation and anti fraud: rece the cost of legal compliance, prevent financial crimes

the customer information and transaction records recorded in the blockchain help banks identify abnormal transactions and effectively prevent fraud. The technical characteristics of blockchain can change the existing credit reference system, which can be implemented in banks

3. Bitcoin address is an indivial's bitcoin account, which is equivalent to your bank card number. Anyone can transfer bitcoin to you through your bitcoin address.

4. Ignore is directly added to the panel, and ultimately participate in the damage settlement
that is, the panel physical attack = {(weapon physical attack power + physical attack power enchant + double attack left slot + pet and all kinds of buff basic attack power bonus) x (1 + Weapon Mastery ratio)} x (1 + power) ÷ 250) + ignore physical attack 2]
actual attack settlement = basic attack ×[ 1 + (self is strong - monster is anti) ÷ 220] x skill percentage x monster physical defense damage rection x physical attack class increase rate + ignore attack x skill percentage x physical attack class increase rate X map forced damage rection

5. Hello, the hot big data analysis and quantitative model of financial technology are mainly used in the investment research, instry research, market analysis and other departments of financial institutions. Using some models will help investment analysts make better decisions, but models are not omnipotent. Sometimes models will make mistakes. At this time, we should take the postgraate entrance examination to see if the fund manager's personal ability can find this mistake. If we find it, others will make a lot of money if they don't find it. Otherwise, they will lose a lot.

6. The training activity of China Internet Finance Association held on January 29 is an important milestone event in the instry. The presence of a number of leaders and top think tanks in the three meetings of the party and the scale of participation of more than 400 financial and quasi financial institutions made this event the most standard, influential and directional landmark event since the birth of the Internet finance instry
although online lending is still an emerging field, it has become a trillion level market with nearly 2600 platforms after a few years of development, and has become one of the important components of mutual fund instry. As one of about 40 representative online lending institutions, Anxin loan was invited to attend the meeting and had a close understanding of the high-level planning and guidance for the development of Internet finance instry
around the theme of the event "learning policies and regulations, preventing financial risks and standardizing the development of Internet finance", the leaders and guests of the event elaborated on the themes of risk control, policy interpretation, instry standards, instry status and development prospects, which set a clear tone for the future growth of the Internet finance instry
risk control
the leader of the association's Preparatory Leading Group, former vice governor of the central bank Li Dongrong, instry authoritative think tank Wu Xiaoling, and director general of the Department of article and law of the people's Bank of China Zhang Tao, respectively emphasized the primary role of risk prevention in the development of the instry< Li Dongrong, former vice governor of the people's Bank of China and leader of the leading group for the establishment of the association, first affirmed the positive role of Internet Finance in economic development in his mobilization speech. At the same time, he emphasized that Internet finance is not divorced from the essence of finance, and risk prevention is the eternal theme of the instry. As a self-discipline organization of social instry, the association will undertake the responsibility of formulating operation and management rules and instry standards; Its main responsibilities are to prevent and resolve Internet financial risks and standardize the development of Internet finance. In particular, he pointed out that the core of the development of the Internet finance instry lies in "learning laws and regulations, preventing risks, and promoting development", suggesting that the participating institutions should protect the instry like their own eyes while having a sense of awe
Wu Xiaoling, member of the Standing Committee of the National People's Congress, once again clearly pointed out that the application of Internet technology in the financial instry has not changed the nature of finance. We should accurately understand the essential attributes of various Internet financial procts and have a reverence for the legal red line of Finance
Zhang Tao, director of the Department of articles and law of the people's Bank of China, emphasized the importance of risk prevention for the development of the instry from the aspects of policy risk, moral risk and technical risk<
policy interpretation
as the leading organization in formulating operation and management rules, Yang Chunyan, deputy director of the Network Security Coordination Bureau of the central office of cyberspace and information technology, and Wang Jin, director of the Department of laws and regulations of the people's Bank of China, respectively interpreted in detail the guidance on promoting the healthy development of Internet Finance issued at the end of 2015. This is the first official interpretation of the guidance, which has enhanced the understanding and understanding of the policy of the participating institutions
instry standards
as a trillion level emerging field, the Internet finance instry needs to be standardized and guided by a unified standard system. Wang Yonghong, director general of the science and Technology Department of the people's Bank of China, also made a special speech on this topic to the participants. Up to now, the association has basically completed the framework construction of Internet finance standard system, which is divided into five categories: general basic standards, proct service standards, operation and management standards, information technology standards, and instry management standards. From the horizontal (business form) and vertical (business management) dimensions, it is subdivided into 45 secondary standard subclasses; According to the two main lines of business model and business process, 152 specific standards have been formed
in addition, the "information disclosure standard" concerned by the instry has been formed. The Internet Finance standards under development also include "technical specification for Internet finance personal information protection", "technical requirements for Internet Finance cloud computing security", "disaster recovery specification for Internet Finance cloud computing", etc
instry status and development prospects
on the positioning and development prospects of the Internet finance instry, Sheng Songcheng, director of the Department of the central bank's coordination and statistics, first made it clear that Internet finance will be included in the statistical category of the central bank, and affirmed the important role of Internet finance data in reflecting the scale of social financing, strengthening and improving macro-control, and maintaining financial stability. He said: "the balance of Internet financial financing is more than 430 billion yuan, accounting for 0.3% of the total amount of social financing scale statistical indicators, but accounting for 40% of other items in the table. It grows fast, increases a lot, and the proportion will be higher and higher." Sheng Songcheng affirmed the important role of social financing in supporting the supply side reform, and made it clear that incorporating online lending into social financing data would more accurately reflect the contribution of social financing to the real economy<
Sheng Songcheng, director of the central bank's Department of coordination and statistics, said that in the 13th Five Year Plan period, the P2P balance will reach 8 trillion and the number of platforms will reach 10000. Yao Yudong predicted that ring the 13th Five Year Plan period, there will be a capital gap of about 1 trillion yuan, which should be covered by private banks originally, but now the approval speed of private banks is too slow, and the enthusiasm of application will decline“ If there is a shortage of one trillion yuan of capital, there will be a shortage of eight to ten trillion yuan of capital. This is based on the financing needs of the real economy. This part will be mainly supplemented by internet financial network loans, so there will be huge development space. "
the China Internet Finance Association was approved by the State Council in April 2014 and formally submitted to the State Council for approval in August 2015 through the Ministry of civil affairs. It is a first-class association under the central bank. After its establishment, the association will play an important role in carrying out instry self-discipline, promoting the formation of unified service standards and rules, and guiding Internet financial institutions to prevent and resolve risks; Guide and supervise the standardized and orderly development of Internet finance instry. As an internet financial enterprise, only by embracing supervision with the attitude of Internet development can it develop stably in the financial instry which is related to the lifeline of national economy
2016 will be a year of standardization and turbulence for the Internet finance instry. Under the al constraints of government macro-control and instry norms, P2P platform will naturally strengthen self-discipline and step into the road of formal development. But the tightening of supervision, followed by intensified competition in the instry, will further accelerate the reshuffle, only high-quality platform can survive in the waves
less than 10% of the total number of online lending enterprises were invited to the conference, accounting for 1.5% of all online lending platforms. As one of the representatives of participating online lending enterprises, Anxin loan will actively embrace regulatory requirements in the future, make timely adjustments, and provide users with more refined investment and financing services. In the choice of business model (mainly real estate mortgage), the lock-in of business area (Beijing and Shanghai), the construction and maintenance of technical system and the total scale control, the most important goal is the safety of investors' funds and accounts; Grow together with the Internet finance instry in a more standardized, transparent and secure way.

7. Just know the latest addition of Jindan financial management and real Jinfu. I can't remember the other four.

8. It has been reported to the police by online investors for illegal deposit taking, and Beijing Chaoyang economic investigation team has accepted the case
Hujin first Lei, Tongjiang finance despises the Hujin association established by the people's Bank of China, Ministry of finance, China Securities Regulatory Commission, China Banking Regulatory Commission, China Insurance Regulatory Commission and Ministry of public security with the approval of the State Council. The legal person Jiang Wencai, honorary chairman Wei Shenghong and wool promoter Jia Mingwei jointly cheat more than 30 million online investors. The company is empty and the legal person can not be contacted. The public security and legal departments are requested to severely investigate and arrest the swindlers.