My oldest kid bought an electric bike that has a tracker hidden in the frame. The beauty of it is that the thief would have no idea it was there. You can locate the bike with your phone. Maybe do something like that with the hoop. Your suggestion isn't crazy at all.
I want to know how the story ended. Did OP buy a new one? Is it still there? A 2nd one? Did he put a tracker in it? Cameras? So many questions. I NEED ANSWERS