Bitcoin Forum

Hello guys I know that this is not main important news but I wanted to tell you guys about https://hoo.com
This Cryptocurrency exchange was running for a long time. And now they scammed because there were many reasons behind this. Now this is Bear market and many big exchanges has been scamming with people and that sucks a lot. As you all know that https://FTX.com was a big scam and this might continue again. Here are some screenshots that you can check.
https://i.imgur.com/NKzLPg8.jpeg
https://i.imgur.com/van3nWQ.jpeg

Pretty sure this belongs either in the Scam Accusations (https://bitcointalk.org/index.php?board=83.0) or the Reputation (https://bitcointalk.org/index.php?board=129.0) board.

Here's how to move your topic (https://bitcointalk.org/index.php?topic=5265053.msg54884625#msg54884625).

How do people even end up with these exchanges. It's my first time knowing about it. Looks like an exit scam. I have read different tweets about it, and it seems they have been scamming people for a long time. They just decided to exit.

Check out this Trustpilot reviews - https://www.trustpilot.com/review/hoo.com

It's really sad, but I hope people learn a lesson about trusting centralized exchanges, worse still, shit exchanges.

This is very ugly after FTX we are hoping that there will be no more centralized exchange that will scam their users, then these things happen, based on the translation the site is based in China and cater to Chinese traders but what if you're not a Chinese and you funds there and you're  your chances to regain your coins are slim compared to Chinese traders where they can go to that address or report it to the authority on that region and they will have a strong case.

It's like hoping that no one will ever die again in this world after today bro  ;D

There will always be exit scams for as long as crypto or any other form of money exists
The best thing to do is to never trust a third party with your money, however popular they may seem.

Except for very few or top exchanges with ratings on trust and relationship with first world countries government, holding any coins be it stable coin is very dangeorus. Try a secure full custodial wallets and try more decentralized exchanges for trading. Until Government start proscuting scammers in the space to attract sanity, confidence and safety

This is alarming I used to have accounts on ten centralized exchanges but after the collapse that started with Luna I close some of them and only retain which I think will not likely go down although I doubt in the future they will not, 2022 is the worst year for centralized exchange, so many manipulations, so many deceptions, this 2022 is the year where bad actors in the industry will be weed out, I still take this positively,

You should close all of them and switch to Bisq (https://bitcointalk.org/index.php?topic=5230289.0). Decentralized, peer-to-peer trading, no middleman. No KYC, no withdrawal fees, all self-custody.

Checking the market aggregator it's not in the top 100 exchanges maybe they deleted it, but still bad news for the industry, as long as there are traders getting scammed and losing their hard earn money from these centralized exchanges small or big exchange is a big concern I guess we can mark this year as the year where CEX made a disruption in the market, maybe this is the sign that Decentralized exchange will challenge the supremacy of CEX and it could happen next year, CEX will and go but Bitcoin and blockchain are going to remain and will continue to have an impact on society.

Probably because of high promised return for yield farming tokens, number of accepted tokens that came from airdrops, and other token related service, etc.
It's my first time hearing this exchange actually, but their user base is somewhat large, they have 100k twitter followers although not sure the legitimacy of the followers.

Knowing they have huge user base if this case is too all of their users, then this might be a very huge problem to begin with.

Can you not do yield farming through smart contracts nowadays and earn airdropped tokens without the need of registering and depositing significant balances on Centralized Exchanges nobody ever heard of?

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Regards,
PrivacyG

All their social media handle has been inactive as well. This is a strong red flag for centralised exchanges and more will follow suit. Hoo has been inactive since July keeping their users in total suspense about their funds then woke up to delete their website. With the number of registered customers amounting to over 1.2 million with claims that over 60% are foreigners from Brazil, Russia and others. Big exchanges are crashing an alarm to be wary of centralise exchanges because more will crash as the bear market persists.

The site is not really down they just configured it to become an announcement for the latest update and disable the exchange, I do not have an account here its a Chinese exchange so no problem for Chinese who traded here they can contact the administration or report them to their government, they have better chances to get their funds than on other nationalities.

They have this on their announcement so if you have funds here try your luck by contacting their email and try your luck