Former Hodlnaut CEO Zhu Juntao was charged in Singapore with six counts of fraud by false representation, in a case tied to statements Zhu and Hodlnaut employees allegedly made after the 2022 collapse of the Terra ecosystem.
Singapore Police said Zhu, 36, was charged following an investigation by the Commercial Affairs Department and faces three charges under Section 424A(1)(a) read with Section 424A(3) of the Penal Code 1871, as well as three further charges under the same provision read with Section 109.
The case centers on alleged false claims about Hodlnaut’s exposure to the TerraUSD (UST) crash, including accusations that Zhu directed staff to issue some of the statements.
Police said Zhu allegedly instigated Hodlnaut employees to make misleading statements in the company’s official Telegram group and in emails sent to some users between May and July 2022, asserting that the platform did not have direct exposure to UST and had not suffered losses from its crash.
Singapore Police Force charges former Hodlnaut chief executive Zhu Juntao. Source:Singapore Police Force
The police statement also said Zhu published three similar posts on his personal Twitter account, now known as X, in June 2022. If convicted, he faces up to 20 years in prison, a fine, or both, on each charge.
The charges revive scrutiny of one of the most damaging episodes in the 2022 digital asset market rout. The Terra ecosystem imploded in May 2022 when its algorithmic stablecoin UST lost its dollar...
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