Hong Kong-based Crypto Exchange Hoo Deletes Official Website, Are Users’ Funds Lost Forever?
Another CEX exchange has collapsed, leaving users stranded and at the mercy of law enforcement agencies. According to reports, Hoo exchange is no longer available. The platform has deleted its website without leaving a notice for its users.
The crypto exchange first paused withdrawals at the beginning of the year following the Terra collapse. However, the crypto firm Hoo exchange is small and less popular in the crypto industry.
Hence, the news of the company’s demise has gathered little dust compared to larger entities like FTX. The exchange has been inactive since July after it paused withdrawals.
Users have been left in the dark with no news of how to get back their funds. Additionally, users do not know what truly happened to the crypto exchange and their funds.
Besides, Hoo’s social media accounts on Reddit, Twitter, Facebook, and Telegram have also been inactive. The recent development has worried its users, who are concerned about their finances. Many individuals continue to lodge their complaints on the company’s past posts.
Hoo Exchange And Its Demise
Hoo exchange is a centralized crypto exchange platform based in Hong Kong. It was created in 2017 by Ruixi Wang and listed only a few tokens.
However, the exchange grew with time after launching several tokens and projects. The exchange even launched HOO, its native token.
Earlier this year, the CEO, Rexy Wang, revealed that the platform had about 1.2 million registered users and executed over 50,000 transactions. Furthermore, the CEO claimed that its users span countries such as Germany, Brazil, and Russia.
The company’s woes began in June following the collapse of the Terra ecosystem. The exchange abruptly paused withdrawals telling its users the actions were temporary.
The exchange also stated that withdrawals would be reopened after 72 hours. Unfortunately, this was not the case.
Will Users Get Their Funds Back?
Hoo allegedly created a debt-to-token initiative for its customers. Unfortunately, it closed the whole process without any explanation to the community.
Later, local news media revealed a dispute among the exchange’s executive members. Shortly after the revelation, Rexy Wang openly alleged that Fang Wenbin, an official at Hoo, diverted the firm’s assets.
In response to the charge, Fang said Wang failed to pay his employees and transferred most of the company’s assets to a personal account. Since then, the company has gone incognito with no news from the executives.
On the other hand, users of the platform have submitted several complaints against the CEO, Rexy Wang. He is currently on the local police’s wanted list.
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