Qutoutiao, Inc.

Qutoutiao is a low-tech China Hustle: ~74% of revenue is fabricated through fake accruals via in-house ad-agent Dianguan, and CEO Eric Tan funnels ad traffic to his own undisclosed related parties.

QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.