Singapore Police Force said that Zhu Juntao, 36, former chief executive of now-defunct Hodlnaut, was charged in court for fraud by false representation. The case centers on allegedly misleading statements after TerraUSD’s crash in May 2022.
The charges affect former Hodlnaut users, a platform the police said had purportedly over 30,000 users worldwide before becoming defunct in August 2022. Police alleged Zhu instigated employees to tell users through Telegram and official emails that Hodlnaut had no direct UST exposure and no UST-related losses between May and July 2022.
Zhu also allegedly published three similar posts on his personal Twitter, now X, account in June 2022. The next step is the court process, with Zhu facing six charges under Singapore’s Penal Code and, if convicted, up to 20 years’ imprisonment, a fine, or both for each charge.
Source: Singapore Police Force.
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