The HyperFund and Hyperverse integrated HOO exchange has failed when withdrawals were suspended in June 2022.
Because HOO disabled withdrawals in June, anyone holding funds in the exchange has been unable to access them.
In early July, HOO discontinued its social media presence.
HOO’s website was erased on or around November 18th. Visits to HOO’s website domain now redirect to a notice with Xu Tong Hua’s contact information.
It is unknown who Xu Tong Hua is.
Ruixi Wang (right) created HOO, which stands for Hyper Optimum Organization, in 2017.
HOO has been included into Ryan Xu’s and Sam Lee’s HyperFund and Hyperverse Ponzi schemes since at least 2020.
Farzam Kamalabadi was at the heart of such merger.
In addition to acting as a de facto payment processor for the Hyper* Ponzi schemes, HOO is thought to have been the principal vehicle through which Hyper* Ponzi monies were laundered.
HOO formally welcomed Kamalabadi as a co-owner and Global Executive Chairman in September 2021.
Ruixi Wang, Farzam Kamalabadi, and the other HOO executive stockholders are suspected of stealing HOO user account balances.
It’s unknown whether Wang is still in Hong Kong or has gone.
Kamalabadi, Xu, Lee, and the now-defunct Hyper* Ponzi schemes were/are all centered in Dubai.
HOO made a big fuss about being located in Hong Kong at first.
The Royal Family of Dubai asked HOO Exchange to utilize the complete office building donated by the Dubai government as the worldwide operating headquarters, and to begin an in-depth and cordial partnership with the local government.
HOO announced plans to transfer its “global operating center” to Dubai in October 2021.
It’s hardly surprising that Dubai’s royal family is involved in fraud. Dubai’s officials have worked hard in recent years to keep the emirate’s reputation as a hotbed of corruption.
Following a troubling trend of fraudsters coming to the emirate seeking refuge from law enforcement, BehindMLM named Dubai the world’s MLM crime capital.
Kamalabadi and Sam Lee continue to scam investors through StableDAO, a testament to Dubai’s corruption and willingness to turn a blind eye to fraud.
StableDAO is essentially Lee’s failed Hyperverse Ponzi scheme. HyperDAO investors put up up to $5 million in exchange for a monthly return of up to 7%.
Returns are, of course, paid in STBL and sSTBL shit tokens, which StableDAO generates as needed.
SimilarWeb monitors the little monthly traffic to StableDao’s website domain. Investment confidence in Sam Lee and Kamalabadi appears to be non-existent as a result of catastrophic investor losses and blatant refill frauds.
Realistically, Chinese and/or Dubai authorities are unlikely to take action against HOO exchange. The same may be said for Xu and Lee’s Hyper* and StableDAO Ponzi scams.
Total investor losses from the HOO and Hyper* frauds are unclear, but are expected to surpass one billion USD.