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Singapore charges former Hodlnaut CEO Zhu Juntao over Terra collapse claims
Zhu allegedly directed staff to publish false claims that Hodlnaut had no direct exposure to the TerraUSD collapse on Telegram and in customer emails.
May 27, 2026, 11:51 a.m. 2 min read
What to know:
- Singapore charged former Hodlnaut CEO Zhu Juntao with six fraud offenses for misleading customers about the firm’s TerraUSD exposure in 2022.
- Zhu allegedly directed staff to publish false claims that Hodlnaut had no direct exposure to the TerraUSD collapse on Telegram and in customer emails.
- Hodlnaut lost an estimated $189.7M from Terra collapse exposure, after channeling $317M in user funds into Terra’s Anchor Protocol.
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.
