Ex-Hodlnaut CEO charged with fraud over Terra exposure claims

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Singapore Police Force charges former Hodlnaut chief executive Zhu Juntao. Source: Singapore Police Force The police statement also said Zhu published three similar posts on his personal Twitter account, now known as X, in June 2022. If convicted, he faces up to 20 years in prison, a fine, or both, on each charge. Related: Singapore revokes crypto payment license of Bsquared over regulatory breaches The charges revive scrutiny of one of the most damaging episodes in the 2022 digital asset market rout. The Terra ecosystem imploded in May 2022 when its algorithmic stablecoin UST lost its dollar peg, wiping out approximately $50 billion in market value and helping trigger broader failures across the crypto lending sector. Hodlnaut, a Singapore-based crypto platform that allowed users to deposit tokens for yield, had more than 30,000 users worldwide before it became defunct in August 2022 due to financial difficulties, according to police. The company halted withdrawals in August 2022, and its website now says its affairs, business and property are being managed by court-appointed liquidators. Other crypto lenders, including Celsius Network and Voyager Digital, also fell into bankruptcy in 2022 amid the Terra fallout and a wider market slump, leaving hundreds of thousands of customers with frozen funds. Celsius reported more than $10 billion in assets before its collapse, while Voyager’s Chapter 11 filing listed between $1 billion and $10 billion in assets and liabilities. Cointelegraph reached out to Hodlnaut’s court-appointed liquidators, but they did not immediately respond to a request for comment. Magazine: AI-driven hacks could kill DeFi — unless projects act now More on the subject

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