Ex-CEO of Singapore-based crypto platform Hodlnaut charged with fraud
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The chief executive officer of a now-defunct cryptocurrency platform, Hodlnaut, was on Tuesday (May 26) charged in court for fraud by false representation.Zhu Juntao, 36, was handed three charges and could face jail time of up to twenty years, a fine, or bothEx-CEO of Singapore-based crypto platform Hodlnaut charged with fraud
The chief executive officer of a now-defunct cryptocurrency platform, Hodlnaut, was on Tuesday (May 26) charged in court for fraud by false representation.Zhu Juntao, 36, was handed three charges and could face jail time of up to twenty years, a fine, or both, for each charge, if he is found guilty.Hodlnaut was a crypto borrowing and lending platform which allowed its users to deposit their digital tokens to earn interest.The Singapore Management University alumnus was also co-founder of the said online platform that purportedly had over 30,000 users worldwide before it became defunct in August 2022 following financial difficulties. The police said on Tuesday that Zhu allegedly instigated his employees to make misleading statements on the company's official Telegram group chat and in official emails sent directly to some of its users between May and July 2022, following a sudden price crash of TerraUSD (UST).According to the police, Hodlnaut had allegedly asserted in these communications that it did not have direct exposure to UST and/or did not suffer losses arising from the UST crash. Read more














