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A Chinese bike-sharing startup has closed because riders stole almost all their bikes

Wukong Bike has had to shut down after just six months because its riders stole 90% of its 1,200 bicycles, reports Mashable. Wukong operated under the Uber model where anyone could grab a bike off the street, unlock it with the app, and then leave it on the street at their destination. The problem was Wukong didn’t invest in GPS for their bikes, so the company had no way of knowing where the bikes were once people hired them. Eventually, users caught on to that and decided to take the bikes home with them.MG