Due to the rapidly changing market conditions, many external investment institutions, chains, lending projects and platforms have subsequently encountered problems, the Hoo cryptocurrency exchange suffered a hole in its cash flow, according to its press release on the 24th. July.
In order to quickly solve the cash withdrawal problem, make sure that user resources are not lost to the maximum extent possible, and resume platform operations, Hoo will launch a debt token conversion plan and an investment plan for partners. , and it will optimize your derivatives futures trading finance.
The debt to token conversion plan provides for the transfer of existing assets of some users to the platform, allowing users to operate freely in the Innovation Zone and to trade directly at equivalent market prices.
Hoo will officially launch the Debit to Token Conversion Plan on August 1, 2022. When the plan goes live, all user exchanges will be closed. The opening of the innovation zone is scheduled for August 5, and the user’s debit token can be freely exchanged.
Hoo is originally from mainland China, but his official social media shows he is now based in the Cayman Islands. Hoo was founded by Rexy Wang in 2018. Rexy Wang was previously a data engineer at a public company, then quit his job in 2013 to focus on bitcoin. In June 2018, the company acquired Chaince and OAX Exchange and merged it with Hoo Wallet, a multi-cryptocurrency hardware wallet, making it one of the one-stop-shop cryptocurrency exchanges.
In 2021, Wang revealed that Hoo had nearly 1.2 million registered users at the time, and daily active users exceeded 50,000. Overseas users accounted for 60-70% of the total number of users, covering Turkey, Russia, Vietnam, Brazil, Germany and other countries.
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However, in a June post, Hoo cited market volatility and liquidations of major institutions in the cryptocurrency industry as a source of panic among users and leading to a large number of withdrawal requests. In order to process a large number of users’ withdrawal resources, the withdrawal control time has been delayed from 24 to 72 hours at this time.
Also, Hoo’s top executives have recently been in conflict. On July 15, Rexy Wang stated on social media that Fang Wenbin (Top Fang), the former Binance security officer, took advantage of his position in Hoo to take down the company’s desktop system resulting in a failure to log into the domain. as well as to steal corporate information and assets.
In response, Fang said Wang had already transferred most of his resources from the platform and had not paid employee salaries. The platform’s domain name has nothing to do with the desktop system and saved all chat history in the system, Fang added.