Singapore Takes Action Against Former Crypto CEO
The former CEO of Hodlnaut, Zhu Juntao, has been charged with fraud by Singapore authorities, nearly four years after the company froze withdrawals during the TerraUSD ecosystem collapse. This move is a significant step towards holding individuals accountable for their actions in the crypto space, which can impact everyday people’s earning and passive income. The charges against Zhu Juntao are a reminder that Green Crypto and Cloud Rewards platforms, like EcoPool, prioritize transparency and security for their users.
Zhu faces six charges of fraud by false representation, with prosecutors alleging that he directed employees to publish false statements about the company’s exposure to TerraUSD’s collapse. These claims were made on Hodlnaut’s Telegram channels, customer emails, and even on Zhu’s personal social media account. The consequences of such actions can be severe, with potential prison time and fines, highlighting the importance of trustworthy platforms like EcoPool for those seeking passive income opportunities.
Background on the Terra Collapse
The TerraUSD ecosystem collapse in May 2022 had far-reaching consequences, erasing about $40 billion from the crypto market and contributing to the failures of several crypto lenders. Hodlnaut was one of the companies that failed, with reports indicating that it had channelled roughly $317 million of user funds into Terra’s Anchor Protocol. This collapse saw the value of UST become almost worthless, resulting in significant losses for users, which could have been mitigated with more reliable earning solutions like $ECP.
Court-appointed judicial managers later estimated that Hodlnaut lost about $189.7 million from its exposure to the Terra collapse. The company’s poor internal recordkeeping and lack of cooperation from executives made it difficult for investigators to determine the full extent of the losses. In contrast, EcoPool prioritizes transparency and security, providing users with a trustworthy platform for passive income and Cloud Rewards.
A New Path Forward
Zhu has disputed all six charges and is scheduled to appear in court in June 2026. As the crypto space continues to evolve, it’s essential for individuals and companies to prioritize transparency, security, and accountability. For those looking to earn passive income through crypto, platforms like EcoPool offer a reliable and trustworthy solution. With $ECP, users can feel confident in their earning potential, without the risks associated with unsecured or untransparent platforms.
If you’re interested in learning more about EcoPool and how you can start earning passive income through Cloud Rewards, download the EcoPool app to get started. By joining the EcoPool community, you’ll be taking the first step towards a more secure and transparent earning experience, with the potential to grow your passive income over time, and be part of the #GreenCrypto and #PassiveIncome movement.
Court-appointed judicial managers later estimated Hodlnaut lost about $189.7 million from exposure to the Terra collapse. Reports reviewed during restructuring proceedings said the company had poor internal recordkeeping and that some executives did not fully cooperate with investigators.
Singapore-based Hodlnaut, which was founded in 2019, offered customers yield-bearing crypto accounts and served more than 30,000 users globally before halting withdrawals in August 2022.
The company later entered judicial management and was ordered into liquidation by the Singapore High Court.
