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[Hoo.com]

Blockchain Video Game 3.0 of the NFT Megatrend: The New Fusion of Motivation between Technology and Economy

— — SpaceY 2025 is not only a blockchain tower defense video game that combines NFT and TOKENS, it also aims to benefit all developers, participants, and followers.

“Except for the financial industry, video games are the most suitable industry for blockchain technology because it has a natural virtual scene.”

Currently, the concept of mainstream video games is constantly evolving because the video game industry is undergoing an unprecedented revolution.

As we know, current video games are shifting from pure entertainment to a cross integration model with other significant fields, including education, science, and health.

Not only has the number of people who plays gamse increased, but the time and money spent by gamers has also increased.

In contrast, Blockchain Video Games and collectibles trading, as a market with a unique economic model rife with opportunity, has gradually aroused public awareness.



One of the outstanding milestones is CryptoKitties, built on the Ethereum network in 2017.

CryptoKitties is not only a simple video game that is centered around collecting, reproducing, and auctioning, it also created a new economic model for all participants — —

Gamers can create and trade a new type of item in video games, and this item is an irreplaceable digital currency.

Blockchain Video Game 3.0: Paradigm Shift in Economic Models

Matthew Ball once pointed out in “7 Reasons Why Video Gaming Will Take Over”:

Video games are replicating the success of TV packages and becoming one of the most important forms of entertainment.

Suppose we regard Content Media as the intersection of technology, content, and business, then, video games are significantly more affected by technological changes in all types of media categories.

These conclusions are reflected in the following 3 aspects:

1. The business model and content of electronic games are more likely to be affected by technology;

2. The electronic game category is more dependent on technology/computers, which means that it has undergone more frequent and significant changes than any other medium;

3. The overall experience that electronic games brings to users is more restricted by technological development than any other medium.

Concurrently, every round of technological change always boosts a huge incremental market and explores new types of content. This has prompted the entire industry to present a geological growth structure.

As a new form in technological development, Blockchain is trying to reshape the production relationship in the video game ecology from the ground up.



There are huge differences between video games driven by Blockchain technology and others.

Due to the united motivation in theory between gamers and game creators, this difference is largely empirical.

Almost all current video games are monopolized by large game operators. All item transactions and data information of gamers are actually not public.

The advent of blockchain technology will be able to purify video games — — video games to video games, gamers to gamers, items to items.



Currently, there are three major roles in video games, gamers, developers, and operators.

The Token economy will change the dynamic relationship of interest in video games, forming an unprecedented relationship of “Gamer-Developer-Operator”.

Each video game creator will design a unique community of interests centered around blockchain technology.

What We Are Going to Do：

SpaceY 2025 combines many popular element,s such as Mars, Sandbox, Tower Defense Game, and NFT. Gamers need to build specific facilities in video games to fight enemies and freely trade territory and items.

We combine the collection characteristics of NFT with Token motivation to create new economic motivation and entertainment for tens of millions of Tower Defense enthusiasts around the world. This benefits game developers, gamers, and operators.

Our goal is to give gamers a tangible gaming experience without having to consider complex underlying technologies or economic principles.

Foundation Design: Deflation and Transparency

Traditional video games have flaws in their designs, which inevitably brings inflation. With the increase in the number of gamers and events, the scarcity and value of items gamers hold will continue to decrease.

When gamers continue to upgrade or kill enemies in traditional games, the rewards they receive are constantly being created — —

When the number of gamers increases, the system will automatically generate more rewards and items in the game’s economic system without any ceiling.

As these virtual assets become more and more abundant, their will also decrease over time.

It has led to inflation becoming a problem in video games.

In fact, this inflation model is intentional. The depreciation of assets will bring a steady stream of revenue to operators.



The application of Blockchain technology in video games can effectively curb this inflation and make all data open and transparent.

In SpaceY 2025, SPAY will be used as a TOKEN, and the total supply is limited, plus the distribution ratio is disclosed. It also stipulates the linear release rate of tokens over time.

This is fairly visible to all gamers and followers, and no one has the right to modify it.

Community Autonomy: Absolute Decentralization of Power

Based on blockchain video game research and development, we have created a game ecology centered on community autonomy.

Combining the core concept inherent to blockchain technology, we have overthrown the “rule makers” of traditional video games and returned the initiative to the gamers.



We believe that compared to traditional video game forum community, the blockchain community is stickier because everyone participates in communal decision-making and is a part of it.

This strong sense of participation will bolster a sense of identity in gamers and generate strong interactive links.

In the Internet age, communities represent extremely valuable traffic, which is why we value community autonomy so much.

We support a decentralized gamer-driven economy. Gamers can convert virtual income obtained in video games into fiat money.

Best DeFi: Scalable Economics

By building a complete economic incentive model for tower defense games, we have established a channel for gamers and followers to become familiar with blockchain video games.

SPAY is a general TOKEN in the game. Gamers can use it to buy territory, facilities, NFT items, etc. It can also be used for community governance and mortgage interest.

At present, we have completed mainnet deployment and casting based on ERC-20 tokens.

This created a consistent total of 25 million SPAY tokens, and the current circulation is only 2%.



Users can view the SPAY lock-up agreement on Etherscan：0x732c6f9C7aCD67649750a6efA26fAF3D0d8Ff3e3

A new season map will be released every month. Gamers need to defend their Mars base against an invasion from aliens and earn SPAY income by ranking in battle.

Among them, SPAY’s daily Mining output formula is — —

Consumption income of the day * 10% / SPAY price = SPAY production of the day

To ensure SPAY remains scarce, gamers can only successfully mine by creating value and consuming.

We attempt to combine blockchain technology with traditional tower defense video games to provide gamers with a unique gaming experience.

All assets in the game are directly owned by the participants. SPAY can be traded on the market or exchanged on other cryptocurrency networks.



What makes our platform unique is that it uses economic means to coordinate consistency within the community.

We believe that enabling an economic system that encourages gamers and developers to work together in video games can effectively solve many problems plaguing the current video game community.

These systems also provide tremendous creative possibilities. We are building an open and transparent infrastructure that is currently scarce.

NFT Items: Collection Value and Financial Characteristics

Gamer’s asset ownership in the form of NFTs is a crucial part of our game. Because the characteristics of NFT complement the concept of virtual assets in video games.

Compatible NFT as an airdrop or video game interoperable asset greatly improves inherent liquidity of game assets. This breaks the shortcomings of traditional video games that artificially restrict asset liquidity.



For gamers, the value capture of NFT is primarily reflected in Collection Value and Financial Characteristic.

One is the practical and rare NFT items, which not only play an critical role in video games, but also have high financial value.

Another rare commemorative NFT with special significance, its value is more embodied in collection significance.

The values of these two NFTs are linked to rarity and the game’s popularity.

Prevailing game trends, gamer loyalty, and strong content all mean limitless NFT value and appreciation potential.



In the future, we will also develop more competitive NFT video games, as well as exclusive digital assets and digital artwork supported by licensing agreements.

Over time, these digital collectibles will become even more sought after by gamers.

Simplified Process: Seamless Handover Experience

Ease of use is one area we are focusing on. This involves the entire field, from the creation of asset tokenization to running a token-based real-time economy.

It all starts here: An important step is that we have greatly simplified the process of enabling community gamers to own and manage digital assets in the game.

In addition, video games connect all participants in the market and form the core of asset trading. Gamers also have the right to publish a paid task list in the video game.



We firmly believe that blockchain technology alone is not enough. If we want to bring the advantages of blockchain technology to mainstream video games, an engaging gamer experience is crucial.

This is the reason our team has been recruiting the best game developers form all over the world.

Professional video game developers have a deep understanding of how to use the best technology to create fascinating wonder and innovative gaming experiences for gamers.

We are trying to refactor video games. We are upgrading current video games from a pure entertainment experience to games that can bring new connections to the real lives of gamers through community economics.

Our Timeline

Currently, SpaceY 2025 is in the pre-testing stage and is limited to targeted invitations for gamers.

We are continuing to work on developing functions, enhancing security, and ensuring stability. Now, core functions of the game are already in place and are being tested.

So far, the core gameplay of SpaceY 2025 has been supported by more than 6,000 KOL users and has accumulated more than 30,000 forum topic posts on the entire network.



These suggestions from the pre-test gamers are valuable and meaningful for our future development.

In the next few months, we will have more platform details to share, including our market framework：

➢ May: Pre-sale of blind box card packs and territories

➢ June: V1 version update, collection gameplay launch

➢ July: Launch of NFT trading and TOKEN circulation

➢ August, September, and October: global gaming community warm-up

➢ November: V2 version upgrade: launch of tower defense combat gameplay

Our Development Partners:

Over the past year, our team has been working closely with development partners to explore, experiment, and design supporting game features and cryptoeconomics in SpaceY 2025.

On the one hand, we are committed to solving some common conceptual problems in the video game industry, such as how to obtain items and rewards in video games.

Meanwhile, we have explored and studied the possibilities of platform openness, such as open source and community autonomy.

In any case, all our efforts are for a great gaming experience.

We believe that on a not-so-distant day, the video game can evolve beyond itself and develop as an economic platform, becoming a fundamental way to create economic empowerment.

Moreover, as the source of creative interaction between people’s lives and thoughts, video games have unlimited possibilities to become everything.

*Investment has certain risks. The above is the author’s personal opinion and is not investment Advice.

Learn more about the project:

Twitter: https://twitter.com/spacey2025

Medium: https://medium.com/@spacey2025

Telegram: https://t.me/Spacey2025

Discord: https://discord.com/invite/cUeNS8UzGW

WeChat Official Account Platform：SPACEYNFT2025

WeChat: spacey-2025

[1713957465]

1713957465

[1713957465]

1713957465

[Hoo.com]

How Jambo Decentralized Advertising Technology Impacts Advertisers and Users?

Jambo, a decentralized advertising platform has much to offer to the crypto world, as it opens up many investment avenues through the timely distribution of relevant

information. First, Jambo’s advertising technology overcomes the major problems existing in the traditional market system.


Market potential


As a result of a better advertisement environment, the market becomes receptive. Some of the major problems which Jambo overcomes include:

Loss of trust: Many advertisers and users lose trust in traditional advertising agencies because of rampant cheating and abuse of personal data.

For example, some advertising agencies collect users’ confidential information and use it for their benefit.

With Jambo, users are only identified using digital identity rather than personal data.

High advertising costs: Most traditional advertising companies charge very high advertising cost.

Blockchain based advertising has lower costs than the traditional system.

For instance, Jambo uses the bidding system, which lowers the associated advertisement costs, yet delivers high traffic.

Traffic fraud prevention: There are no traffic frauds with Jambo advertising protocol.

This is because there is multi-party collaboration through the consensus system.

Advertisers use a distributed system to review every advertisement or impression. Thus, an advertiser can only pay for effective traffic.

Infringement of privacy: Unlike the traditional advertising system which leaks personal data, the blockchain based advertising system enhances data security through the

encryption process. This protocol enables users to select the people who should access their information.

False traffic: One of the greatest challenges bedevilling the traditional web-based advertising is false traffic.

As a result, advertisers end up paying for non-existing traffic.

On the other hand, with Jambo’s protocol advertisers benefit from the advertisement process as real traffic is involved.

More interestingly, the advertisers can easily monitor and verify the number of advertisement clicks and follow up activities.

As a result, this leads to a credible information sharing system among advertisers, users and media.

Data integration: Blockchain-based advertising which Jambo offers is highly integrated.

This is because the protocol connects various chains and support systems.

Thus it integrates the data for the entire society into a complex yet simple to use information network.

Also, it becomes simple for marketers to compile customer profiles using digital identities.

In addition, the blockchain system shares customer profiles, eliminating the problem of redundant information and data silos.

Incentive system: The incentive system which blockchain advertising provides, enables users to willingly participate. In some cases, consumers sell their data to advertisers.

Application of the Jambo technology in real-life

There is no question that the Jambo platform creates a new advertising landscape that promotes information sharing.

Both the advertisers and users benefit in the process.

This is because advertisers are able to pass on their information to the expected recipients, while the users benefit from the products and services they discover.


User information


The traditional advertisement system enables users to access information about products and services through web pop-ups and communities on various platforms such as

telegram, Facebook and Reddit. However, there are several problems such as traffic frauds, infringement of privacy and inaccurate information.

On the other hand, Jambo overcomes these challenges, among others. For example, it ensures that the correct information gets to the right audience.

It achieves this in several ways:

Semantic analysis contract: The protocol analyses the needs of advertisers and matches them with the most suitable advertising channels.

This is so because advertisers target suitable end-users based on specific digital identities.

The system identifies the people who use search engines, social networks and portals and targets them.


Smart matching contract


This ensures that the information gets to the people who mostly desire it, based on their activities on the different social networks and other platforms.

In the end, there are positive follow up activities such as purchase of products or services.

Basically, advertisers achieve their conversion targets through Jambo’s integration of data silos.

Security audit contract: This system discourages click farming as it deducts a sum from the security deposit made by the associated advertising channels.

As a result, there will be real value for the advertisers’ money.


Jambo explores various portals


As we discussed above, Jambo’s advertising protocol, using the smart contracts connects providers of products and services with those demanding them.

Jambo will capture a greater advertising market than before, using its wallet, gaming, social media, finance and other decentralized applications (Dapp).

With this technology, advertisers can choose the form of advertising they want, through Jambo’s advertising platform.

This is simple because they can view the coverage area and play times, in case of games.


Conclusion


The truth is that Jambo advertising technology is an industry game-changer, as it results in greater value for advertisers than when using the traditional system.

On the other hand, the users get accurate information, as it is verified and approved by the blockchain community.

Breaking the value island of advertising industry,JAMBO joins Polkadot ecology

Due to the lack of mutual trust among stakeholders in the traditional advertising industry, there are some non value parts, such as advertising verification, data monitoring,

and advertising interception.

The high trust cost leads to the transfer of interests of all parties.

On the one hand, advertisers have high user acquisition costs. ; On the other hand, small and medium-sized media have no way of parrying the monopoly of large enterprises;

at the same time, users are disturbed by advertisements and the user experience is poor.

Blockchain technology can solve some of the traditional integrity problems, but there are isolated islands of value between chains, and smooth interaction cannot be achieved.

The current disadvantages of distributed blockchain traffic are very obvious. In the past, due to the lack of technical support and closed-loop design of traffic, not only the

effective increment of blockchain traffic could not be opened smoothly, but also the vast majority of the stock traffic could not be imported into the blockchain target projects,

causing ecological development to become scattered and disorderly.

We use Substrate to build our own application chain.

Polkadot plus Substrate can meet all the five basic requirements. Modular functions are the biggest highlight of Substrate.

As long as you use Substrate to develop a blockchain, you will enjoy the loosely coupled modules. The following figure shows the division of modules by Substrate.

The interoperability of data and assets requires the use of Polkadot’s functions.

As we can see from the Polkadot architecture diagram, as long as we are connected to the Polkadot slot, the validator node of the relay chain can verify the data and assets to

open up with other parachains connected to the slot.

Of course, we can also communicate with the existing main blockchain through the connection bridge.

This connectivity solution can also be expanded through the second-layer relay chain.

Transaction also requires scalability for an application.

When a parachain cannot support the transaction of a certain application chain, new parachains can be used to continuously expand the transaction.

Therefore, in the ecology of Polkadot plus the rapid development of Substrate, developers can easily meet the ever-expanding demand.

Of course, when a relay chain cannot meet the demand, multi-layer relays can also be used to continuously expand the number of parachains.

Substrate’s framework is naturally friendly to governance.

The biggest problem of blockchain development so far is the source of credit. Blockchain is said naturally trustworthy, which is correct to a certain extent.

It is indeed verifiable, If, like Ethereum, it cannot be changed once the contract is released. As long as it is verifiable, it is trustworthy.

No one needs to trust the person who issued the contract because they can verify it themselves.

However, the problem is that the contract cannot be iteratively upgraded.

Blockchain products that have been launched definitely evolve iteratively, and iterative upgrades should be realized.

As a launched application chain service, the system certainly needs to achieve the characteristics of iterative upgrade.

However, by doing so, it needs to solve the problem of trust and disallow unauthorized upgrade by the developer.

It is absolutely a bad idea if we have to trust the developer unconditionally.

Upgrade requires a governance structure, which combines on-chain and off-chain governance, so that the application chain can iteratively adapt to market development needs.

Every developer needs to consider on-demand security distribution.

The cost of absolute security is high. Relative security is good enough for application chains in certain scenarios.

The security of the Polkadot ecosystem can be provided through its own consensus mechanism, or provided through Polkadot’s consensus mechanism.

After access to the slot, you do not need to maintain the verification node by yourself, which enables you to focus on application and function realization.

Jambo Becomes the First Blockchain Ad-Tech Firm

In a world where every industry is making moves with decentralized technology, Jambo, a blockchain-based advertising firm has become the leading advertising player for a

transparent and credible decentralized advertising solution.

Jambo employs Polkadot technology and offers a secure, trusted and transparent advertising service which overcomes the problems of traditional advertising such as false

traffic.

The key difference is that the Jambo has the ability to thoroughly analyse the habits of customers and distribute promotional ads accordingly, through various databases,

thereby creating a large market. Without doubt, there is a multi-chain sharing of data.

How it works

Basically, the Jambo technology queries, verifies and authenticates data silos in order to match with available advertisement material.

This matching enables the advertising content to reach the right target at the right time.

Since the distribution of the promotional ads works with oracles, the system offers relevant rewards in return for their services.

It is important to note that the oracles connect the on-chain and the off-chain, resulting in a wide distribution of the advertisement material.

The mission

Jambo has a clear mission, to enhance security, transparency and trust in its digital advertising environment.

It achieves this through effective maintenance and auditing of the transaction ledger. In the same vein, it aims to expand the decentralized advertising sector so that many

individuals and institutional players benefit.

The basis for this expansion and credibility is interoperability, in the manner of Polkadot where multiple chains connect to the main relaying one.

Therefore, Jambo uses para-chains or substrates to communicate important messages- promotional material.

It is clear that Jambo will break the record by being the best blockchain-based advertising hub, as it connects different advertising chains, making the database transparent,

credible and reliable. Within this technology it achieves high efficiency in digital advertisement.

More impressively, Jambo’s high traffic decentralized data applications enable users to analyze the information in a more objective way than they do with traditional digital

advertising platforms.

As a result, users can easily identify false and accurate information, hence being able to make informed decisions.

How do users benefit from Jambo’s decentralized advertising service?

The technology opens up new avenues in the advertising industry. In the end, it results in the following:

Individuals and institutions participate in advertising using blockchain technology, which increases security and transparency.

The industry is able to use high traffic applications, thereby increasing the reach to the audience.

Development teams develop large reference traffic matrix systems which boost business performance and revenue generation.

And expansion of traffic circles in different industries and communities.

The decentralized advertising system

The Jambo platform is at the centre of the advertising web. This is because advertisers post their promotional material on this site.

The affiliated advertising producers bid on the presented promotional ads.

This results in a bidding winner who, therefore, produces the required advertising content in a suitable form which includes web pages, videos, Infographics, memes, AR, VR

and videos, among others.

Once the advertising material is ready, the advertiser creates an advertising plan.

And, if the cost is established and accepted, the advertising content is uploaded on the platform, ready for broadcasting.

The next step is for the blockchain client to verify the uploaded content as legal and suitable.

If verified and approved, the transaction gets in a queue pending distribution.It is also important to understand that the entire network vets and verifies the content.

As a result, no bad content passes through the system.

Thereafter, the system encrypts the piece of advertising content, generating hash index and merkle root, in the process.

In the end, the system uses the advertiser’s delivery plan, metadata and content hash index to generate the advertising smart contract.

Once that is done, the protocol adds the advertising smart contract into the next block, resulting in an instant broadcasting of the promotional ad to the whole network.

Thereafter, the oracle performs the search.

How the system reaches the perfect audience

The next interesting point is how the system selects the best audience.

When the people watch the ads, the advertising engine collects their digital identity, in terms of media attributes.

As a result, the engine presents the most suitable ads to viewing individuals.

More importantly, the protocol collects the follow up data for participating users.

It collects data on the action each individual, based on his/her digital identity, does later such as clicking the link or they keep watching the same ads.

As a result, Jambo’s protocol helps to eliminate the problem of false traffic, rampant in the traditional advertising industry.

In a nutshell, Jambo brings a new advertising environment, which promotes transparency and trust.

It also leads to efficiency and openness. With Jambo, the advertising field can never be the same.

[Hoo.com]

Hoo 3rd Anniversary Celebration, Enjoy a $1,000,000 Grand Prize Pool

Dear Hoo users,



Happy Hoo 3rd anniversary! To give back to your long-term support and trust, we will launch a series of events included NFT Boxes, Loan, Savings & Share Hoo Story exclusive for Hoo 3rd anniversary with prize pool of $1,000,000. The details are as follows. 



Event 1: Get Your Free 7.3% ARR Discount Loan Coupon

Duration: June 16, 2021 15:00 - June 24, 2021 15:00 (UTC+8)

Rules: 

1. Users who submit Hoo UID will receive a 7.3% annualized interest reduction coupon for Hoo Loans;

2. Users who loan over 200,000 USDT amount or more will receive larger amount of interest rate reduction coupons & benefits.

Form Link: https://www.wjx.top/vj/tjYa3AQ.aspx



Event 2: Limited Time Investment Luxury Rewards, Up to $100,000 for Grabs

Duration: June 16, 2021 15:00 - June 24, 2021 15:00 (UTC+8)

Rules: Users can get free interest+ coupon by participating in Hoo Earn Savings. The top 20 users of Hoo Earn locked assets accumulated(converted to USDT based on market prices) will receive the following rewards:

1st place: $1,000 in tokens & 1% interest+ coupon

2nd place: $700 in tokens & 1% coupon+ coupon

3rd place: $500 in tokens & 1% interest+ coupon

4th-10th place: $55 in tokens each

11th-20th place: $40 in tokens each

Portal: https://hoo.co/activity-center/home

 

Event 3: Complete Task, Win up to $100,000 in NFT Box Prizes

Duration: June 16, 2021 15:00 - June 24, 2021 15:00 (UTC+8)

Limited NFT Boxes: 22000 Boxes

Rules: Users can get more entries by completing more tasks! The higher the entries ranking, the more times you can open the NFT box. Limited NFT boxes, first come, first service based on the entries ranking. Each NFT box consists of different proportions and different amounts of project tokens, based on the entries, the NFT Boxes are specifically distributed as follows.

How to get entries? 

PORTAL: https://gleam.io/Wisw8/hoo-3rd-anniversary-giveaway

1. Follow Twitter of partner projects;

2. Join the Telegram Group of the partner projects;

3. Enter official website of the partner projects, etc. 



Rewards:

NFT Boxes are divided into 5 levels: Diamond, Gold, Silver, Bronze & Iron

Each level corresponds to a different token pack, distributed as follows.

Diamond: $20 in tokens, 800 in total

Gold: $10 in tokens, 1000 in total.

Silver: $8 in tokens, 2200 in total.

Bronze: $4 in tokens, 7000 in total.

Iron: $3 in tokens, 11000 in total.

The number of tokens allocated per box is as follows.





Reminder

1. The winner list (including loan, savings, blind box, story events) will be announced within 7 days after the end of the campaign, if the user maliciously swipes the score, the participation will be disqualified.

2. The rewards for the blind box campaign will be distributed on the HSC chain, while the rewards for other campaigns will be distributed directly to the winning user's Hoo UID account.

3. The final interpretation of this activity is reserved to Hoo.



Hoo Community

Weibo：https://weibo.com/hoowallet

Twitter：https://twitter.com/Hoo_exchange

Telegram (ZH)：https://t.me/hooChinesegroup

Telegram (EN)：https://t.me/chaince_foreign_group



Hoo Team

June 16, 2021

[CoinCasso Official]

We want to list your token on our CoinCasso Exchange 🤖
Could I get a contact of the listing specialist? 🔎

[bakasabo]

Warning to everyone !

It looks like Hoo exchange has been abandoned by its owners, all the funds were taken (stolen) by exchange authorities and they have disappeared. The is just a web page plug instead of an index page. One again "not your keys, not your crypto" rules has been proved. Feel bad for those who has held any funds there.

Get more info at https://ann.hoo.com/announcement/

[sahaaaaaar44]

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.