China’s P2P purge leaves millions of victims out in the cold, with losses in the billions, as concerns of social unrest swirl

• The shroud over peer-to-peer lending firms has fallen, and China’s banking regulator says all such platforms across the country have ceased operations – but many life savings are feared lost
• Just a few years ago, P2P lending platforms were touted as a model to reshape China’s financial landscape, but a lack of regulations saw fly-by-night operators run amok