Full-refund and similar high-amount promotional schemes are scams

Never chase small bargains.

It started with Wanmen University (Wanmen University Incident),

and then came Kaikeba (April layoffs, nearly no veteran staff by May, and by June it was already clear they couldn’t pay back students whose tuition ran into tens of millions—total collapse was inevitable).

Kaikeba Incident

Never think “full refund” is a safety net. Once cash flow dries up because the business can’t make money and the涉案 amount is large enough, the operators will simply vanish.