Thesis: fraud, analyst: lauren-balik, culper-research, fuzzy-panda, sector: internet.
Independent researcher Lauren Balik published on AppLovin (NASDAQ: APP — $107 billion), a mobile app monetization company. Ms. Balik called the company “a hellhole of related-party transactions on low-tier mobile games in a declining industry.” Ms. Balik found that AppLovin’s network is filled with low-quality apps overflowing with ads, often for other low-quality apps also overflowing with ads. The report highlighted that one of the game developers in AppLovin’s network is an alleged money laundering operation and alleged that AppLovin’s recent growth “is largely due to related party transactions and circular revenue run through a series of Cyprus-based Belarusian-owned games studios passing transactions back-and-forth, using AppLovin as the intermediary to facilitate the transactions.”
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Last updated: 2026-03-07 by automated standardization process
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