Traveling over 1,700 kilometers, staying awake all night, and rushing to the airport at 4 a.m.—this was the journey undertaken by Yuan Yuan (a pseudonym) from Chengdu to Shuibei, Shenzhen, in an attempt to recover her gold held on the Yundian platform. This hasty trip ultimately resulted in nothing but a disheartening "loss-cutting" agreement: receiving 50% of the redemption amount, while her backend account's gold weight and fund balance were zeroed out. What was once a hopeful expectation for gold's value preservation has now turned into a mirage.
On January 28, the gold platform Yundian suddenly experienced abnormal redemptions, with its mini-program being blocked and withdrawal requests failing. Compounded by the concurrent redemption issues at another gold platform, Jieruirui, panic began to spread. Some users drove thousands of miles to the headquarters to demand answers, while others repeatedly inquired about withdrawal progress in the platform's temporary communication group...
In an effort to stabilize the situation, the platform has since launched a backup access link and announced three redemption options: full redemption over six months, a one-time 40% redemption, or waiting for the platform to resume normal operations for full redemption. Additionally, due to bank card risk controls, daily redemption limits have been set, with priority given to users who have signed settlement agreements.
At 5 p.m. on February 3, "Yundian's Yongge" livestreamed a response, stating that the platform's overall payment progress had exceeded 95% and that "empty contracts" would no longer be permitted. However, numerous consumers continued to flood the chat with questions about why their withdrawals had not been processed...
Users Accept 50% "Loss-Cutting" Exit: No One Dares to Gamble "There were about fifty or sixty people there that day, with a huge stack of documents; it was unclear how many actually signed because each person negotiated individually with a lawyer, or sometimes acquaintances negotiated together," Yuan Yuan stated.
Recalling the moment she signed the agreement with Yundian, the first word that came to Yuan Yuan's mind was chaos. The outcome of this chaos was her reluctant acceptance of a "loss-cutting" exit. After signing the agreement, the platform transferred half of the redemption amount to her bank card. Immediately afterward, under the staff's operation, all the funds and gold weight in Yuan Yuan's backend account were cleared to zero.
The root of this situation traces back to January 28. On that day, Yundian suddenly experienced redemption abnormalities; the mini-program could not be accessed normally, and funds in user accounts could not be withdrawn. Upon learning of the platform's issues, Yuan Yuan immediately submitted a request to withdraw her physical gold. Yet, despite her wait, the platform neither shipped the gold nor provided any explanation.
Coinciding with this, news broke that the Jieruirui gold platform was also facing redemption difficulties. Unable to rest easy, Yuan Yuan decided to go directly to the platform's headquarters for clarity. On January 31, she flew to Yundian's office location in Shuibei, Shenzhen, solely to address the withdrawal and redemption issues face-to-face.
The journey from Chengdu to Shenzhen spans more than 1,700 kilometers. To catch the earliest flight, Yuan Yuan did not sleep the entire night and hurried to the airport at 4 a.m. She was not the only consumer who traveled a great distance; many users from Guizhou, Jiangxi, and other places were also present, with some having driven thousands of miles. Everyone shared the same demand: to retrieve their gold or get their money back.
When Yuan Yuan arrived at the scene, the office was already in a state of commotion. She saw many consumers surrounding a person in charge named Yongge. Faced with the platform's proposed 50% redemption plan, no one could accept it. Everyone expressed that at least an 80% redemption ratio was necessary; even if 80% wasn't achievable, they suggested paying 50% first, with the remaining 50% covered by an IOU from the responsible person to ensure future payment. However, Yongge refused this request.
Lawyers on site continually urged, "Sign quickly to confirm; if you're late, even the 50% redemption might not be available later." Yuan Yuan recalled clearly that the gold price that day was 1,095 yuan per gram. Having purchased 115 grams of gold on the platform, she ultimately received just over 60,000 yuan in redemption payments. For some consumers who signed the agreement, the redemption payment arrived in their accounts merely ten minutes later.
"Either accept 50%, or potentially end up with nothing. Nobody dared to gamble," Yuan Yuan said helplessly. Compared to the elusive promise of "full redemption," receiving half the funds now might be the best available solution.
Subsequently, Yundian announced its latest redemption plan. The company stated it had recently faced three severe waves of redemption runs and would implement a new redemption negotiation plan starting February 1. Option A, regardless of amount, involves payment over six months at 100% (one-sixth paid before the 5th of each month). Option B, also regardless of amount, offers a one-time payment of 40%, settled within three business days. Option C is for those not participating in the run; they can wait one or two months for Yundian to return to normal and then redeem 100% at any time (no agreement signing required). Due to severe bank card risk controls, daily redemption limits will be set, prioritizing transfers for those who have signed the "Settlement Agreement."
Wang Deyue, a lawyer at Beijing Xunzhen Law Firm, pointed out that consumers who have already signed the 50% agreement could apply to the court to rescind the agreement if they can provide evidence that it was signed under duress due to the platform's redemption crisis, or involved significant misunderstanding or obvious unfairness (such as receiving only 50% of the funds harming their rights).
Head's Livestream: "Empty Contracts Will No Longer Be Allowed" After the mini-program was blocked, Yundian launched a new backup access link in an attempt to stabilize user sentiment. However, in practice, many users reported that their withdrawal processes were stuck in "pending review" status, preventing them from completing fund withdrawals.
Xiao Cai (a pseudonym) from Hebei is one such user. Holding 30 grams of gold on the Yundian platform and facing inaccessible withdrawals, she daily asks new users in the platform's group chat if their withdrawals have arrived. She has also considered going to the platform's location to communicate in person.
Through a temporary access link provided by consumers, it was observed that the platform interface clearly displays the redemption announcement, an e-signature flowchart, and an official QQ group. It also uses Shuibei exhibition hall direct supply and national inspection authority guarantees as endorsements.
Yundian's core business model primarily consists of two types: "price-reserved recycling" and "non-price-reserved recycling." Taking price-reserved recycling as an example, if a consumer has 5 grams of gold to liquidate, they can lock in a recycling price in advance to avoid收益 fluctuations due to gold price changes. They simply need to input the 5-gram weight for reserved recycling, pay a deposit at a standard of 20 yuan per gram, and complete the order settlement within 16 days. Subsequently, the consumer mails the gold to the Yundian platform. After the platform completes unpacking and purity verification, the actual weight of the入库 gold is converted to the AU9999 standard gold material and automatically deposited into the platform's "gold material warehouse" for storage and consignment sale.
However, some consumers reported that in practice, users must first fill in the intended weight of gold material to be mailed for recycling, then recharge their platform account with a deposit at a standard of 60 yuan per gram. For instance, recycling 100 grams of gold requires a 6,000 yuan deposit. If the gold material is not mailed within the platform's stipulated time, this deposit is directly deducted by the platform.
The non-price-reserved recycling process is more straightforward. It does not require consumers to lock in a price beforehand. They simply mail the gold they wish to recycle to the Yundian platform. After the platform completes inspection, weighing, and other processes, and recycles it into inventory, the gold is then "sold for cash" based on the current market gold price.
Facing consumer doubts and withdrawal difficulties, Yundian's responsible person, Yongge, appeared in a livestream at 5 p.m. on February 3. He stated that the platform's overall payment progress had exceeded 95% and made commitments regarding withdrawal issues, assuring that consumers who recharged in February would definitely be able to withdraw normally. Regarding the various problems the platform encountered, Yongge admitted it was due to the platform's own negligence and clearly stated, "Empty contracts will no longer be allowed going forward; previously, we were too careless." Despite the responsible person's responses and promises in the livestream, many consumers continued to spam the comments section, repeatedly asking why their withdrawals were still pending, indicating that skepticism had not subsided.
Previously, on February 2, the Yundian platform released an "Announcement on New Material Mailing and Recharges," addressing concerns from some members who were hesitant to mail materials or recharge due to settling price-reserved orders. The announcement used February 1 as a cutoff date, establishing two sets of withdrawal rules: materials mailed and recharges generated after the cutoff date can be withdrawn 100% at any time; account balances before the cutoff date need to wait for the platform's operations to resume before processing withdrawals. The announcement stated that through this crisis, the company would implement many upgrades (such as setting a daily total redemption quota, increasing the price-reserve deposit, upgrading the points extension system, adding a price-reserve allocation amount to accounts, etc.).
In fact, the empty contract recycling model is not uncommon among gold platforms. Another platform, Jieruirui, which previously faced a redemption crisis, also employed this model in some of its operations. Under the price-reserved recycling model, users can consign gold, silver, and other precious metals to the platform without immediate transaction completion. Instead, they agree on a target selling price with the platform in advance. When the market gold or silver price rises to this target price, the platform then recycles the metal at the agreed price, allowing users to profit from the price difference. Analysts believe that while this type of fixed-price settlement transaction appears to lock in收益, the platform actually bears all the risks of gold price fluctuations. Once gold prices experience剧烈 volatility, the platform is highly susceptible to capital chain断裂, triggering redemption difficulties.
Wang Hongying, President of the China (Hong Kong) Institute of Financial Derivatives Investment, stated that the so-called "buying and selling empty contracts" model essentially belongs to a type of futures-like trading with extremely high risks. According to China's current laws and regulations, such businesses must hold a financial business license issued by the state and are only permitted to operate within nationally designated futures exchanges and their authorized futures companies. Before participating in such platforms, one should first verify whether they possess合法的 financial and futures trading qualifications. Secondly, it is necessary to confirm whether funds are supervised by an independent third party. Once disputes arise, users should properly preserve all contracts signed with the platform and relevant transaction records as evidence. Upon detecting risk signs, they should promptly hire professional lawyers and seek财产保全 through legal means to freeze the platform's operating funds, thereby maximizing the protection of their own rights and interests.
The "Gold Circle" of Livestreams + Referral Rewards + Offline Franchises This redemption crisis has entangled not only seasoned gold consumers but also many stay-at-home moms, full-time housewives, and gold investment novices, most of whom were attracted by the platform's promotions and benefits and ultimately drawn into the situation.
"I only learned about Yundian in 2025. At the time, I wanted to buy gold jewelry, so I searched for gold prices on various platforms," admitted consumer Li Yan (a pseudonym), who had no prior exposure to gold investment. Simply wanting to buy some gold jewelry for保值 amid rising prices, she偶然 came across Yundian's promotions and became interested.
"Initially, I was also quite skeptical. Hearing they had offline stores, I went to check out a nearby location. Through the visit, I confirmed the platform's existence and, seeing the offline store endorsement and the老板 livestreaming his work status, I bought some material on the mini-program," Li Yan said. The existence of offline stores was the core reason she chose to trust this platform. She never imagined redemption issues would occur, believing that with a physical entity backing it, her funds and gold would be secure.
The referral benefits推出 by Yundian also became another attraction for users. "The platform periodically launched activities for referring new members; Yundian would then reward with gold兑现 and also provide points," Yuan Yuan recalled. While she didn't actively refer others, her husband also registered an account. After she purchased gold on her own account, her husband's account received some small rewards. "I can't quite remember if it was cash or points, but at the time, I thought the platform had great benefits and even recommended it to a few friends. Now, I deeply regret it."
From materials provided by consumers, it appears that Yundian had previously launched clear team referral activities. For team一级 members, each new one-star member added added 1 luck point; each upgrade in membership level added 10 luck points. For team二级 members, each new one-star member added 1 luck point; each upgrade added 5 luck points. Upgrading one's own level added 30 luck points. When luck points ≥30 and new valid members ≥1, one could receive a 200-yuan免工券 (3,000 available total), and so on. When luck points ≥80,000 and new valid members ≥800, one could receive 100 grams of gold (1 available total).
Beyond consumer-level referral benefits, Yundian had also推出加盟商 services. From publicly available information, some promotional materials can be found where Yundian promised加盟商 an annual guarantee of 60 million流量 support. Additionally, Yundian offered financial support for large-amount orders.
So, after this redemption crisis erupted, what is the operational status of Yundian's加盟商? Have they also been affected by the redemption issues? Through Yundian's backup access link, multiple contacts labeled as "franchise stores" were reached. During interviews, some store owners stated they had no actual cooperation with Yundian and were unaware of the platform. Other already-signed加盟商 admitted that after joining, they did not enjoy the promised benefits; the provided流量 and assigned orders were very few, and offline orders were mostly self-sourced, with almost no connection to the platform. Several store owners indicated that their stores operated independently and were unaffected by the Yundian redemption incident.
For consumers, Wang Deyue emphasized the importance of verifying whether a platform possesses financial business permits and gold trading-related qualifications, and to be wary of promotional traps like "withdraw anytime" or "high returns." Priority should be given to正规 platforms that support physical delivery and have third-party fund custody, avoiding participation in virtual gold trading without physical backing. Rationally assess one's own risk tolerance, avoid investing all funds into such platforms, and refrain from盲目 following trends. Simultaneously, retain transaction records, contracts, and other evidence to facilitate rights protection through legal channels if risks materialize.
Wang Deyue further pointed out that when加盟商 join gold recycling platforms, they should strictly verify whether the platform possesses合法的 gold recycling qualifications and financial business permits, avoid cooperating with unqualified platforms, and not easily believe promotional promises like traffic support or financial backing. Focus intently on fund security, prioritizing platforms that implement third-party fund custody and avoid fund pool operations. At the same time, adhere to compliance bottom lines, ensure their own operations comply with laws and regulations, and do not participate in potentially违规 businesses like high-leverage betting that the platform might be involved in, to avoid bearing连带 legal responsibility.
As of the time of writing, in the Yundian communication group, many users still reported their withdrawal reviews as "not approved." It was understood that these consumers were mostly those who had not signed the "Settlement Agreement."