CapitalWatch has released a report alleging that Nasdaq-listed AppLovin, a mobile marketing platform, faces systemic compliance risks and potential financial crimes. The report accuses major shareholder Hao Tang and his financial network of bypassing global anti-money laundering (AML) mechanisms to inject illicit funds from China and Southeast Asia into the U.S. capital markets. It further claims that the funds are linked to illegal fundraising by Tuandaiwang and proceeds from Southeast Asian crypto investment scams known as "pig-butchering" schemes. AppLovin has not yet responded to these allegations.