Reform DAO & Hofida Misappropriation Complaint: 150M TMAI, $50K USDT and Unreturned Assets

What happened

Token Metrics loaned 150,000,000 TMAI and 50,000 USDT to Hofida Limited for TMAI market-making activity and paid a separate monthly retainer. The agreement restricted the assets to market making, required dashboard access, and required remaining loaned assets to be returned upon termination under its flexible repayment framework.

BaseScan records the transfer of 150,000,000 TMAI.

Token Metrics’ complaint is that Hofida/Reform depleted the market-making account while TMAI’s price collapsed, failed to provide the complete records needed to verify the losses, and did not return the remaining client assets.

Token Metrics repeatedly requested the records needed to understand the trading and losses, including:

• complete trade history and exchange exports;
• account balances and transaction records;
• rebates, credits, and fee records; and
• a final reconciliation of all TMAI, USDT, and proceeds.

Hofida Limited and Reform DAO did not provide the complete trading records requested by Token Metrics.

The remaining client assets identified by Hofida/Reform have not been returned. Token Metrics also has not received a complete reconciliation showing what happened to the original TMAI, USDT, and trading proceeds.

Hofida/Reform denied theft, diversion, fraud, conversion, misappropriation, and misconduct. It attributed the losses to authorized trading in difficult market conditions and claimed a contractual right to address the remaining inventory through an unpaid-invoice settlement. It offered to provide core documentation only as part of a framework that would close the reporting obligation and form the basis of a final commercial settlement. Token Metrics did not agree that basic trading records or remaining client assets could be conditioned on a settlement.

Who Reform DAO says runs it

Reform’s official team page identifies 15 team members.

• Jess Muntenaar — Business Development; Reform says he drives deal flow.
• James Barrie Neave — listed by Reform as BD Manager for market-making deals and as a Hofida Safe owner.
• Aslan — Operations; Reform says he oversees day-to-day operations, finances, DAO proposals, and governance.
• Ichimoku / Growity — Strategy; Reform says Growity powers its trading and market-making infrastructure.

These names document Reform’s published operating structure. Token Metrics is not alleging that every listed contributor personally handled the TMAI account.

Wallets and records

• ReformDAO Ownership Safe
• Hofida Operations Safe
• Reform governance forum
• Official Reform DAO team page

Token Metrics’ complaint

The issue is straightforward:

1. The market-making account was depleted while TMAI’s price collapsed.
2. Hofida/Reform did not provide the complete trading records needed to explain those losses.
3. The remaining client assets identified by Hofida/Reform were not returned.
4. The dispute remains unresolved.

Token Metrics has filed complaints with relevant regulators and authorities alleging potential misappropriation and wrongful retention of remaining client assets. Token Metrics has asked the authorities to determine whether the conduct constitutes theft, fraud, conversion, misappropriation, or another violation. No court or authority has issued a finding resolving those allegations.

This complaint is a warning to projects considering Hofida Limited or Reform DAO for market making, exchange access, custody, or control of project assets.

Projects considering Hofida Limited, Reform DAO, Growity, James Barrie Neave, or Jess Muntenaar for market making should require segregated accounts, direct read-only exchange access, monthly signed reconciliations, and clear asset-return requirements before transferring funds or tokens.

Hofida Limited, Reform DAO, and the named participants may provide documented corrections or a response for inclusion.