Hodlnaut 前 CEO 因 Terra 暴露被指控 6 项欺诈罪名

Opening

Former Hodlnaut chief executive Zhu Juntao has been charged in Singapore with 6 counts of fraud by false representation, reviving scrutiny of the failed crypto lender’s public statements after the 2022 collapse of the Terra ecosystem. Singapore Police charged Zhu, 36, following an investigation by the Commercial Affairs Department; he faces 3 charges under Section 424A(1)(a) read with Section 424A(3) of the Penal Code 1871, along with 3 further charges under the same provision read with Section 109. The charges center on alleged false statements about Hodlnaut’s exposure to TerraUSD, the algorithmic stablecoin that lost its dollar peg in May 2022. Police said Zhu allegedly instigated Hodlnaut employees to make misleading statements in the company’s official Telegram group and in emails sent to some users between May and July 2022, and published 3 similar posts on his personal Twitter account (now known as X) in June 2022. Those statements allegedly claimed that Hodlnaut did not have direct exposure to UST and had not suffered losses from its crash. The Terra collapse was one of the main shocks behind the 2022 crypto credit crisis, wiping out about $50 billion in market value and triggering stress across lenders, hedge funds, trading desks, and yield platforms.

Charges and Allegations

The case centers on whether customers received accurate information while deciding whether to keep assets on the platform, withdraw funds, or assess the company’s solvency risk. Police said Zhu allegedly instigated employees to make misleading statements in Telegram, emails, and social media posts between May and July 2022, and published 3 posts on his personal Twitter account in June 2022. Those statements allegedly claimed Hodlnaut did not have direct exposure to UST and had not suffered losses from its crash.

In a crypto lending platform, user trust depends heavily on disclosures about asset exposure, losses, liquidity, and counterparties. If those disclosures are false, customers can be left making decisions based on a distorted picture of the platform’s condition.

If convicted, Zhu faces up to 20 years in prison, a fine, or both, on each charge.

Hodlnaut’s Collapse

Hodlnaut was a Singapore-based crypto platform that allowed users to deposit tokens for yield. Before becoming defunct in August 2022 due to financial difficulties, it had more than 30,000 users worldwide, according to police.

The company halted withdrawals in August 2022. Its website now says its affairs, business, and property are being managed by court-appointed liquidators.

Hodlnaut was part of a wider breakdown across crypto lenders after the Terra crash and the broader market slump. Celsius Network and Voyager Digital also entered bankruptcy in 2022, leaving large numbers 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.

The failures exposed the fragility of lending models built on token deposits, yield promises, and concentrated market exposures.

监管影响

对 Zhu 的指控为 2022 年后清理行动又增加了一层执法。新加坡一直试图在加强对消费者准入、许可和平台行为的标准的同时，维持一个受监管的数字资产行业。一起与用户沟通相关的欺诈案件表明，主管部门愿意审查的不仅是业务失败本身，还包括在崩溃前后所作陈述的准确性。

对于加密货币贷款方和交易所而言，这些指控表明，市场压力并不会降低披露风险——反而会增加。关于敞口、损失、流动性和偿付能力的说法，如果监管机构后来认定用户被误导，可能成为刑事或民事行动的依据。

该案也对机构采用具有重要意义。正在评估数字资产合作伙伴的银行、资产管理公司和支付公司，将在尽职调查过程中审查公司治理、风险控制、用户披露以及危机沟通。

Hodlnaut 的清算仍提醒人们，2022 年的信贷周期并没有随着破产和冻结取款而结束。法律责任仍在逐步展开，先前的高管可能会在平台失去向客户偿付能力的情况下，面临数年的审查。