Singapore Police Charge Former Hodlnaut CEO Over Misleading Terra Exposure Claims

Hodlnaut was a Singapore-based cryptocurrency lending platform that allowed users to earn interest on deposited digital assets. It had more than 30,000 users worldwide before collapsing. After TerraUSD (UST) lost its peg in May 2022, Hodlnaut suffered losses of about $189.7 million, or approximately S$263 million, and halted withdrawals that August. The episode highlighted disclosure and asset risks at high-yield lending platforms.

Following an investigation by the Singapore Police Force’s Commercial Affairs Department, authorities charged former CEO Zhu Juntao, 36, on May 26, 2026, with six counts of cheating by false representation. Prosecutors allege that from May to July 2022, he instructed employees to deny Hodlnaut’s direct UST exposure and related losses through its official Telegram channel and emails. He also allegedly published three similar posts on his personal Twitter account that June. Each charge carries a maximum sentence of 20 years in prison and a fine.