According to ChainCatcher, Wu said that according to an interview with Zhang Yufeng's senior Huang Yifeng at Shenzhen University, Zhang Yufeng, who was previously reported by many media outlets as donating 50 million to Shenzhen University one year after graduation, was later found to have falsified his resume, did not actually donate, did not even graduate normally, defaulted on online loans, forged an FTX employee identity, etc. In addition, after Zhang Yufeng gained the trust of his alumni by fraudulent donations, he frequently asked acquaintances around him for money in the name of investing in "plates" in the past year, and did not return the money on time after the stipulated time expired, for which many victims even called the police.

Huang Yifeng said, "Zhang Yufeng claimed that he had some cryptocurrency stocks that could double in a few months. After his friends' investments matured, Zhang Yufeng began to default on payments and made many ridiculous excuses, such as saying he was hospitalized in Hong Kong. After several victims called the police, Zhang Yufeng's parents, who run a printing factory in Dongguan, helped repay part of the debt. Zhang Yufeng was warned for arrears in rent at Shenzhen Bay One. Zhang Yufeng even defaulted on an online loan of 6,000 yuan."