Singapore authorities have charged the former CEO of collapsed crypto lender Hodlnaut Zhu Juntao with fraud, nearly four years after the firm froze withdrawals during the collapse of the TerraUSD ecosystem.
The Singapore Police Force said that Zhu faces six charges of fraud by false representation in an announcement on Tuesday. Prosecutors allege Zhu directed employees in 2022 to publish false statements on Hodlnaut’s Telegram channels and in customer emails claiming the company had no direct exposure to TerraUSD’s collapse, and had not suffered losses as a result.
Authorities also alleged Zhu repeated similar claims on his personal X account, then known as Twitter, in three posts in June 2022. If convicted, Zhu could face up to 20 years in prison, fines, or both on each charge under Singapore law.
Zhu disputed all six charges in court and was given a pre-trial conference date in June 2026, according to local media reports.
Hodlnaut was one of several crypto lenders that failed after the implosion of Terraform Labs’ algorithmic stablecoin ecosystem in May 2022. The collapse erased about $40 billion from the crypto market and contributed to failures at firms including Three Arrows Capital, Celsius and Voyager.
Reports filed during Hodlnaut's restructuring proceedings indicated the company had channelled roughly $317 million of user funds into Terra's Anchor Protocol, which was offering around 19.5% in annualized yield on UST deposits before the collapse, which saw UST ...
Singapore authorities have charged the former CEO of collapsed crypto lender Hodlnaut Zhu Juntao with fraud, nearly four years after the firm froze withdrawals during the collapse of the TerraUSD ...