Overview
- Singapore police charged Zhu Juntao with six counts of fraud by false representation on Tuesday for statements made between May and July 2022 that denied Hodlnaut’s direct exposure to TerraUSD.
- Court-appointed reports and investigators found about $317 million of user funds were converted into UST and deposited into Anchor, producing roughly $190 million in realized losses that contradicted the public statements.
- Hodlnaut suspended withdrawals in August 2022 and later entered judicial management and liquidation, leaving more than 30,000 users with frozen or stranded funds while EY partners act as joint liquidators.
- Zhu pleaded not guilty at his first court appearance and was given a pre-trial conference date in June 2026; each charge carries up to 20 years’ jail time, fines, or both under Singapore law.
- The case follows a Commercial Affairs Department probe that began in November 2022 and highlights Singapore authorities’ focus on misleading disclosures by crypto firms and the wider push to hold executives accountable for investor communications.