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On May 26, 2026, Singapore charged former Hodlnaut CEO Zhu Juntao, 36, with six counts of fraud by false representation. Prosecutors say that between May and July 2022 he and staff told users via Telegram and email the crypto lender had no direct exposure to TerraUSD — when Hodlnaut had converted roughly $317M of user funds into UST and Anchor, suffering about $190M in realized losses. He faces up to 20 years.
“On May 26, 2026, Singapore charged former Hodlnaut CEO Zhu Juntao, 36, with six counts of fraud by false representation. Prosecutors say that between May and July 2022 he and staff told users via Telegram and email the crypto lender had no direct exposure to TerraUSD — when Hodlnaut had converted roughly $317M of user funds into UST and Anchor, suffering about $190M in realized losses. He faces up to 20 years.”
That was the message Hodlnaut users received as the crypto market melted down in May 2022. According to Singapore prosecutors, it was a lie — and the company already knew it.
On May 26, 2026, Singapore authorities charged Zhu Juntao, the 36-year-old former CEO of crypto lender Hodlnaut, with six counts of fraud by false representation. The charges stem from statements Zhu and Hodlnaut employees allegedly made between May and July 2022 — issued through Telegram and email — claiming the platform had no direct exposure to TerraUSD (UST) and had avoided losses from its collapse.
Judicial findings tell a different story. Roughly $317 million of user funds had been converted into UST and deposited into the Anchor protocol — the high-yield engine at the heart of the Terra ecosystem. When UST de-pegged and collapsed, Hodlnaut realized approximately $190 million in losses. The reassurances to users came as the hole was already open.
Zhu has indicated he is not guilty and disputes all charges; he received a pre-trial conference date in June 2026. If convicted, he faces up to twenty years in prison, a fine, or both, on each of the six counts.
Hodlnaut froze withdrawals in August 2022 and never recovered. The case is one of the clearer documented examples of a crypto platform publicly downplaying exposure to a known catastrophe while users still had time to pull their money.
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