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Pappy(富强) Fuhao announced a temporary departure from Telegram and the closure of Ubao. He claims that his partner (@wuyanzu) defrauded him of his funds, forcing the project to shut down less than a month after launch. Fuhao stated that affected users have been compensated…
In my view, this looks more like a carefully planned scam. Certain well-known figures launch projects and use their reputation and influence to attract large numbers of investors or customers. Once the project reaches a sufficient scale, problems are deliberately created, providing an opportunity to extract or redirect funds from participants.

When the situation begins to unravel, the founder rarely takes direct responsibility. Instead, the blame is shifted to business partners, management teams, or third parties, while the founder presents himself as a victim. This helps reduce public suspicion and allows many supporters to continue believing that he is innocent.

Afterward, a relatively small amount of compensation may be offered to satisfy some victims, while a public relations campaign portrays the founder as someone who is actively resolving the situation. As for the person labeled as the “scammer,” he may simply have been playing a role in the scheme, received compensation for it, and then disappeared, or returned later under a different account and identity.

This is just my personal speculation.
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