China’s Pinduoduo Reports Theft Worth Millions of Yuan – Caixin Global

What happened: Hackers have exploited a loophole in social e-commerce giant Pinduoduo’s platform allowing them to steal around RMB 10 million ($1.5 million) in online discount vouchers. The company said it has since fixed the bug reported the incident to the police. Users found that they were able to apply a free RMB 100 voucher to any product on the company’s platform. Large amounts of coupons were redeemed within the space of a few hours.

Why it’s important: The incident marks the second time in the past three months a technical problem has been found on the e-commerce giant’s platform. In November, the company had its app temporarily removed from Apple’s China App Store as a result of a bug. The company didn’t provide any further details. Following the recent incident, Pinduoduo denied any systematic security loopholes, saying that the collective exploited a loophole in its operating rules, though it didn’t elaborate.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Chris Udemans

Christopher Udemans is a Shanghai-based technology reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.