Misappropriation complaint and counterparty warning:<\/strong> Token Metrics Ventures alleges potential misappropriation and wrongful retention of remaining client assets by Hofida Limited and Reform DAO<\/strong> following a market-making engagement involving missing trading records and assets that were not returned.<\/p>\n<\/div>\n Token Metrics loaned 150,000,000 TMAI<\/strong> and 50,000 USDT<\/strong> 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.<\/p>\n BaseScan records the transfer of 150,000,000 TMAI.<\/a><\/p>\n Token Metrics\u2019 complaint is that Hofida\/Reform depleted the market-making account while TMAI\u2019s price collapsed, failed to provide the complete records needed to verify the losses, and did not return the remaining client assets.<\/strong><\/p>\n Token Metrics repeatedly requested the records needed to understand the trading and losses, including:<\/p>\n Hofida Limited and Reform DAO did not provide the complete trading records requested by Token Metrics.<\/strong><\/p>\n The remaining client assets identified by Hofida\/Reform have not been returned.<\/strong> Token Metrics also has not received a complete reconciliation showing what happened to the original TMAI, USDT, and trading proceeds.<\/p>\n 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.<\/p>\n Reform\u2019s official team page<\/a> identifies 15 team members.<\/p>\n These names document Reform\u2019s published operating structure. Token Metrics is not alleging that every listed contributor personally handled the TMAI account.<\/p>\n The issue is straightforward:<\/p>\n Token Metrics has filed complaints with relevant regulators and authorities alleging potential misappropriation and wrongful retention of remaining client assets.<\/strong> 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.<\/p>\n This complaint is a warning to projects considering Hofida Limited or Reform DAO for market making, exchange access, custody, or control of project assets.<\/strong><\/p>\n 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.<\/p>\n Hofida Limited, Reform DAO, and the named participants may provide documented corrections or a response for inclusion.<\/p>\nWhat happened<\/h2>\n
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Who Reform DAO says runs it<\/h2>\n
![\"Official](\"https:\/\/tokenmetrics.com\/blog\/wp-content\/uploads\/2026\/07\/reform-team.png\" "\\"\\"")
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Wallets and records<\/h2>\n
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Token Metrics\u2019 complaint<\/h2>\n
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