Zhu Juntao, the former CEO of crypto lender Hodlnaut, has been charged with six counts of fraud by false representation in Singapore. The charges relate to claims made by Zhu and Hodlnaut employees between May and July 2022, falsely stating that the platform had no direct exposure to TerraUSD (UST) during its collapse. Investigations revealed that approximately $317 million of user funds were converted into UST, resulting in $190 million in losses. Zhu faces charges under Singapore's Penal Code, including abetment, suggesting he directed others to spread misleading information. If convicted, he could face up to 20 years in prison per charge. The case marks the first criminal prosecution of a crypto firm's leadership for misleading communications following the Terra ecosystem crash. Hodlnaut, which suspended withdrawals in August 2022, remains in liquidation proceedings.
Hodlnaut's Former CEO Charged with Fraud Over TerraUSD Misrepresentations
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