A new online leak of nude photographs and videos has exposed the shady world of underground banking in China, where lenders force students to provide explicit material as collateral for loans. A 10GB file posted on the internet includes pictures and videos of 167 women from across China, mostly aged between 19 and 23. The leak included contact details and relatives’ addresses. Lenders on Jiedaibao, a peer-to-peer platform, told borrowers they would send the images to their families if they did not repay their loans. Despite the perils, thousands of students signed up. China lacks a proper student loan system and growing demand has been met by peer-to-peer lending and other online services. Some borrowers have offered to repay loans with sexual favours, leading to
The leak of 10 GB of nude photographs and video evidence has exposed an underground banking racket in China, where lenders use students’ explicit material and contact details as collateral for loans, using the images as blackmail material if payments do not materialise. The lack of an adequate student loan system in China has led to growth in the number of students turning to underground banking, peer-to-peer lending and other digital services.