A crypto-backed plan to take over TikTok has entered the picture just days before a U.S. deadline threatens to shut down the app.
Zoop, a new company started by OnlyFans creator Tim Stokely, announced that it is partnering with the HBAR Foundation, which manages the treasury for the Hedera crypto network, to acquire TikTok formally.
The offer was sent during the week to the White House, just before the divestiture deadline of April 5, as defined by U.S. law.
"Our bid for TikTok isn't just about changing ownership — it's about creating a new paradigm where both creators and their communities benefit directly from the value they generate," said RJ Phillips, co-founder of Zoop. He believes the company's blockchain-based framework was established to reward engagement with actual value.
While OnlyFans is well-known for its adult content, Zoop claims to be a mainstream, family-friendly venue with an eye toward fair income sharing. Phillips believes the crypto component could appeal more to digital-native consumers and fit with their rising curiosity about distributed ownership structures.
Phillips claims that the HBAR Foundation's involvement points to an effort to include Web3 infrastructure in TikTok's vast ecosystem. Designed for speed and scalability, the Hedera network could, according to reports, be home to NFTs, creator payments, and platform governance structures.
Under the leadership of President Donald Trump and Vice President JD Vance, the U.S. government has been directly involved in negotiating the possible sale of TikTok, privately brokering the dealmaking behind the scenes.
According to reports, the President has been singling in on the decision on April 2 amid tariff policies in motion. The most active facilitation appears to be for the bid involving a consortium of investors in ByteDance, including possibly Oracle. Officials expect a final framework before the April 5 deadline.
A Reuters report says the McCourt-led "People's Bid" has not been formally endorsed but has been thoughtfully considered, with open communication channels. Amazon's last-minute offer has yet to be considered. Zoop's crypto-backed bid is too recent to have attracted a clear government position, and Tinsley - MrBeast's offer—unconventional though it is still in the review process.