Hoo Exchange deletes website, users’ funds locked up

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Crypto Regulation
Hoo Exchange deletes website, users’ funds locked up

According to a popular whale account on Twitter, Hoo exchange has deleted its official website. The not-so-popular exchange halted withdrawal early this year, leaving users’ funds trapped.

Hoo Exchange’s website deleted, users’ lament 

Another centralized crypto exchange, Hoo exchange, has gone under, bowing to the torrential storm of FTX collapse. However, it seems to gain less attention in the industry, perhaps due to its relatively smaller size compared to FTX.

Earlier today, a tweet revealed that Hoo exchange had deleted its website after several months of inactivity. Since July, the Hong Kong exchange has kept its users in total darkness, refusing to provide updates concerning users’ funds.

In addition, users need to learn what is happening in the firm or what has happened to users’ funds. All the platform’s social media pages, like Telegram, Facebook, Twitter, and Reddit, have remained inactive for months.

Consequently, the latest development has distressed their users as they lament for their funds. Many users kept commenting under previous posts by the exchange on their social media pages. Some said they couldn’t access their accounts, while others asked for refunds.

What happened to Hoo Exchange: have users lost their funds?

Hoo is a Hong Kong-based centralized crypto exchange (CEX) launched by Ruixi Wang in 2017. The firm started as a small platform with few tokens. However, it grew larger and launched numerous projects, tokens, and a native token, HOO. 

With over 1.2 million registered customers, the exchange executed about 50,000 transactions in 2021, according to Wang, the CEO. Wang also claimed that about 60% of its users are foreigners from Russia, Brazil, Germany, and others.

The woes of the Hoo exchange started in June 2022 after Terra collapsed, which led the platform to suspend withdrawals abruptly. The platform reportedly explained to its panicking users that the suspension was temporary. According to the reports, they added that withdrawals would return after 72 hours of the suspension. 

In addition, the platform reportedly launched a debt-to-token project for its users. However, the process was abruptly stopped without prior notice or explanation to users.

Afterward, a local news source reported a dispute between the executive members of the exchange. Shortly after the report, Rexy Wang publicly accused Fang Wenbin, an executive at Hoo, of stealing the company’s information and assets. Responding to the allegation, Fang also claimed Wang refused to pay his staff and moved most of the firm’s assets to a private wallet.

Ever since, no one has heard anything from the platform, not even its executives. However, victims have lodged complaints against Rexy Wang at a local police station, and he is currently on the wanted list.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.