Li, a pensioner from Sichuan, woke up one day to realise that his entire life savings of 40,000 yuan (S$8,000) has entirely disappeared.
The culprit: Xiaowei, his over-eager 11-year-old grandson who squandered it throughout a 3-day binge on an app tipping female influencer/streamers.
Li found out in his attempt to withdraw money from his account but was notified he only had 600 yuan (S$120) left.
When Li questioned Xiaowei, the boy admitted to spending the money on gifts and tips for female video-game streamers on an app called iQiyi.
Li says he didn’t monitor his grandson’s activity online, adding that he gave him his PIN number only to buy food.
He had no clue that Xiaowei would make over 54 transactions in the span of 3 days.
In China, cases of children spending gross amounts of money online on streaming sites to the ignorance of their parents have grown considerably in the past few years.
Thankfully, Li managed to successfully file for a refund, and the company has announced they will return his money. Xiaowei, on the other hand, was not held responsible because as a Chinese minor, he has limited capacity for civil conduct.
In any case, those possessing the entrepreneurial spirit amongst us should seriously consider this as a probable money-making opportunity in Singapore.