Anonymous Analytics has released a paper which allegedly demonstrates that the massive web traffic volume recorded by Qihoo, the renowned Chinese software company, is actually fabricated.
Anonymous Analytics is the faction of the hacktivist collective that focuses on the financial market. Founded less than one year ago, the group aims at “flushing out corruption in the corporate world.”
As far as Qihoo is concerned, Anonymous is not the first to point the finger at it and name it “overvalued.”
However, they take the accusations even further.
“Analyst fanfare is understandable, if not naïve. Qihoo’s massive web traffic is supposed to be one of the largest in China. Once the Company manages to effectively monetize this traffic, the sky is the limit – or at least that’s the story management has sold to investors,” the report
“It’s a good story. The only problem is that Qihoo’s massive traffic volume is a lie – and we have proof.”
So, you may be wondering what proof Anonymous has.
On the firm’s directory page, they allegedly discovered a piece of code from comScore, a third party that was supposed to accurately record traffic activity.
However, the traffic statistics were never made public and, according to the hackers, the comScore code has been removed recently.
Anonymous claims to have obtained the traffic monitoring data which “irrefutably” shows that Qihoo’s directory page records a lot less traffic than the company claims.
“We have reason to believe that the SEC already has Qihoo on its radar. Given the information presented in this report, along with other issues that we have omitted, we believe that Qihoo will be delisted from the NYSE and management charged with securities fraud,” the hackers added.
Qihoo representatives responded to the accusations and told Bloomberg
that the report is inaccurate, similar to others published in the past.