(Yicai Global) Jan. 21 -- Chinese police have started investigating a cyber attack that targeted e-commerce platform Pinduoduo yesterday, effectively 'stealing' discount coupons worth millions of dollars.

The police have set up a special group and frozen a large number of the coupons looted, the Shanghai-based firm said in a statement today. The perpetrators are likely to receive criminal penalties given the scale of the case, Pinduoduo added, saying it will not stop until the collective behind the attack is caught.

Hackers exploited a loophole on the Pinduoduo website which allowed users to buy CNY100 (USD14.8) coupons to be used on any products within a year. Most of them were claimed by professional online gangs, the company believes.

Editors: James Boynton