SINGAPORE: The former chief executive officer of the now-defunct cryptocurrency platform Hodlnaut, Zhu Juntao, was charged on Tuesday (May 26) over “misleading” statements posted on social media.
The statements claimed that Hodlnaut, an online platform that allowed over 30,000 global users to deposit digital tokens to earn interest, did not have direct exposure to TerraUSD (UST) and did not suffer losses from the UST crash in early May 2022.
Hodlnaut became defunct in August 2022 after experiencing financial difficulties and laying off staff.
The 36-year-old Singaporean was given six charges of fraud by false representations by posting misleading statements on platforms like Twitter, as it was known then, or by instigating employees to make misleading statements.
According to the charges, in June 2022, Zhu posted the following misleading statements on Twitter, now known as X: “Hodlnaut as a firm did not take any losses on UST, users who held/bought UST on our platform did”, “Missed this but had no price exposure to $UST or incurred any losses from the debacle” and “We are aware that there have been articles circulating on @hodlnautdotcom taking losses on the $UST collapse and would like to reiterate that we did not take any losses as a firm but users on our platform who held UST did”.
Read Full Article At Source
