CoinDesk
Singapore has charged former Hodlnaut CEO Zhu Juntao with six counts of fraud by false representation, nearly four years after the crypto lender froze withdrawals amid the TerraUSD collapse. Prosecutors allege Zhu directed staff in 2022 to publish false statements on Hodlnaut's Telegram channels and in customer emails claiming the firm had no direct exposure to Terra's implosion — and that he personally repeated those claims on his X account in three posts that June.
The numbers tell a different story. Hodlnaut had channelled roughly $317 million of user funds into Terra's Anchor Protocol, which was offering approximately 19.5% annualised yield on UST deposits before the ecosystem collapsed. Court-appointed judicial managers later estimated the firm lost $189.7 million from that exposure.
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