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{"actor":"system:backfill","investigation_id":"89695eef-e24b-42a6-92f6-bea91165f56f","kind":"publish","page_slug":"hodlnaut","published_at":"2026-05-30T12:58:57.141Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Hodlnaut","sections":[{"content":"Hodlnaut Pte. Ltd. was incorporated in Singapore in 2019 by co-founders Zhu Juntao (CEO) and Simon Lee (CTO). Zhu previously held a role at Credit Suisse and the company was supported by Antler, a global venture capital firm. Hodlnaut operated as a crypto lending and interest-bearing deposit platform, allowing retail and institutional users to deposit cryptocurrencies in exchange for yield. On 3 February 2021, auditor Crowe Singapore validated approximately $106 million in crypto assets held by the platform. By March 2022 the company managed over $500 million in assets under management and had accumulated more than 30,000 users worldwide. On 15 March 2022, Hodlnaut received in-principle approval from Singapore's Monetary Authority of Singapore (MAS) for a Major Payment Institution licence covering token swap services, indicating it was regarded as a compliant operator at that point.","heading":"Background and Operations","severity":"low","sources":[{"credibility":2,"name":"Hodlnaut Wikipedia — history and founding","type":"other","url":"https://en.wikipedia.org/wiki/Hodlnaut"},{"credibility":2,"name":"Meet Hodlnaut: A Singapore-Based Crypto Platform — Antler","type":"other","url":"https://www.antler.co/blog/meet-startup-hodlnaut"},{"credibility":1,"name":"Cryptocurrency Firm Hodlnaut Receives In-Principle Approval from MAS","type":"official","url":"https://www.streetinsider.com/PRNewswire/Cryptocurrency+Firm+Hodlnaut+Receives+In-Principle+Approval+(IPA)+from+the+Monetary+Authority+of+Singapore+(MAS)/19774354.html"}]},{"content":"Hodlnaut deployed approximately $317 million of user-deposited funds into Anchor Protocol, a decentralized application on the Terra blockchain that offered annualized yields of approximately 19.5% on TerraUSD (UST) deposits. This allocation was made without adequate public disclosure to users. When the UST algorithmic stablecoin lost its $1 peg in early May 2022 and collapsed to approximately $0.02, Hodlnaut's Anchor Protocol positions were liquidated at a severe loss. Judicial managers subsequently estimated total losses from the Terra collapse at approximately $189.7 million. Additional funds totaling $13.3 million were also locked on FTX at the time of that platform's own collapse in November 2022, compounding creditor losses. The Algorand Foundation disclosed $35 million in exposure to Hodlnaut, making it one of the largest known institutional creditors.","heading":"Terra/UST Exposure and $189.7 Million Loss","severity":"critical","sources":[{"credibility":2,"name":"Crypto Platform Hodlnaut Lost $190 Million From Terra's Crash — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/crypto-platform-hodlnaut-lost-190-million-from-terras-crash-report/"},{"credibility":2,"name":"Hodlnaut reports $193 million financial shortfall as it seeks court protection — The Block","type":"news_article","url":"https://www.theblock.co/post/164756/hodlnaut-financial-shortfall-193-million-crypto"},{"credibility":2,"name":"Algorand Foundation Has $35 Million Exposure To Troubled Crypto Lender Hodlnaut — The Block","type":"news_article","url":"https://www.theblock.co/amp/post/169093/algorand-foundation-hodlnaut-exposure-35-million"},{"credibility":2,"name":"Crypto Lender Hodlnaut Freezes Withdrawals, Citing Market Conditions — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/08/08/crypto-lender-hodlnaut-freezes-withdrawals-citing-market-conditions"}]},{"content":"In the weeks following the Terra collapse of May 2022, Hodlnaut's directors allegedly directed employees to publish false statements on the company's official Telegram channels and in emails sent directly to users, asserting that the platform had no direct exposure to UST and had not suffered losses from the crash. According to Singapore Police Force charges filed in May 2026, Zhu Juntao personally published three similar posts on his personal Twitter (now X) account in June 2022 making the same claims. These alleged misrepresentations occurred between May and July 2022, during the period when users who might have wished to withdraw funds were deterred from doing so by assurances the platform was unaffected. Hodlnaut also separately stated it had no exposure or loans with Three Arrows Capital or Celsius Network. The company withdrew its MAS Major Payment Institution licence application on 8 August 2022 when it simultaneously suspended withdrawals, preventing the regulator from completing its licensing review. Judicial managers from EY Corporate Advisors subsequently reported that company accounting and financial records had not been properly maintained prior to their appointment.","heading":"Alleged Misrepresentation to Users and Regulators","severity":"critical","sources":[{"credibility":1,"name":"SPF — Former CEO of Hodlnaut Charged For Fraud By False Representation (official Singapore Police Force press release)","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"},{"credibility":2,"name":"Singapore charges former Hodlnaut CEO Zhu Juntao over Terra collapse claims — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/27/singapore-charges-former-hodlnaut-ceo-zhu-juntao-over-terra-collapse-claims"},{"credibility":2,"name":"Singapore charges ex-Hodlnaut CEO over allegedly misleading claims tied to Terra collapse — The Block","type":"news_article","url":"https://www.theblock.co/post/402711/singapore-charges-hodlnaut-former-ceo"}]},{"content":"Following the appointment of interim judicial managers (IJMs) from EY Corporate Advisors in August 2022, court filings revealed that over 1,000 files were deleted from Hodlnaut's Google Workspace accounts after the IJMs were installed. The deleted documents included financial and accounting records that would have assisted the IJMs in assessing the company's true liabilities and the extent of its DeFi asset positions across platforms including Compound, Aave, Curve, and Convex. Judicial managers described the founders as 'uncooperative' and noted that the absence of these records prevented an accurate accounting of assets. Court reports additionally noted that certain Hodlnaut employees allegedly withdrew over $500,000 worth of assets in the period immediately before the public announcement of the withdrawal suspension on 8 August 2022, raising concerns about insider knowledge of the impending freeze. The judicial managers flagged potential criminal implications of directors' conduct related to both document destruction and the alleged pre-suspension asset withdrawals.","heading":"Document Destruction and Obstruction of Judicial Managers","severity":"critical","sources":[{"credibility":2,"name":"Hodlnaut Founders Deleted Over 1,000 Files, Shows Court Report — BeInCrypto","type":"news_article","url":"https://beincrypto.com/hodlnaut-founders-accused-of-hiding-documents/"},{"credibility":2,"name":"Crypto Platform Hodlnaut Lost $190 Million From Terra's Crash — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/crypto-platform-hodlnaut-lost-190-million-from-terras-crash-report/"},{"credibility":2,"name":"Singapore Starts Fraud Investigation Into Crypto Exchange Hodlnaut — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/11/24/singapore-starts-fraud-investigation-in-to-crypto-exchange-hodlnaut-reports"}]},{"content":"On 8 August 2022, Hodlnaut suspended all withdrawals, deposits, and token swaps citing 'difficult market conditions' and simultaneously withdrew its pending MAS licence application. Five days later, on 13 August 2022, the company applied to the Singapore High Court for judicial management protection. On 29 August 2022, Justice Aedit Abdullah granted the application, placing Hodlnaut under interim judicial management with Angela Ee and Aaron Loh of EY Corporate Advisors Pte appointed as interim judicial managers. An update on 19 August 2022 disclosed that the company owed approximately S$391 million (approximately $281 million) to users while holding only approximately S$122 million (approximately $88 million) in remaining assets, a shortfall of roughly S$269 million. Hodlnaut reduced its workforce by approximately 80 percent — from more than 40 employees to around 10 — during this period. In January 2023, major creditors including Samtrade Custodian, S.A.M. Fintech, and the Algorand Foundation rejected the company's proposed restructuring plan and called for liquidation. A winding-up application was filed in May 2023, and the Singapore High Court issued a formal liquidation order on 10 November 2023, with Aaron Lee and Angela Ee appointed as joint liquidators under the Insolvency, Restructuring and Dissolution Act 2018. More than 17,000 creditors were registered in the proceedings.","heading":"Judicial Management and Insolvency Proceedings","severity":"critical","sources":[{"credibility":2,"name":"Crypto Lender Hodlnaut Placed Under Interim Judicial Management by Singapore Court — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/08/30/crypto-lender-hodlnaut-placed-under-interim-judicial-management-by-singapore-court"},{"credibility":1,"name":"Singapore Grants Judicial Management to Crypto Lender Hodlnaut — Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2022-08-30/singapore-approves-hodlnaut-plea-for-protection-from-creditors"},{"credibility":2,"name":"Crypto Lender Hodlnaut to Be Liquidated, Court Filing Shows — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/10/crypto-lender-hodlnaut-to-be-liquidated-court-filing-shows"},{"credibility":2,"name":"Hodlnaut Creditors Seek Liquidation, Reject Restructuring Plan — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/01/13/hodlnaut-creditors-seek-liquidation-reject-restructuring-plan-bloomberg"},{"credibility":1,"name":"Hodlnaut Pte. Ltd. (In Liquidation) — EY Singapore","type":"official","url":"https://www.ey.com/en_sg/hodlnaut-pte-ltd"}]},{"content":"On 26 May 2026, the Commercial Affairs Department of the Singapore Police Force charged Zhu Juntao (age 36), the former CEO of Hodlnaut, with six counts of fraud by false representation under Section 424A(1)(a) of Singapore's Penal Code 1871. Three of the charges are brought under Section 424A(1)(a) read with Section 424A(3), and three are brought under Section 424A(1)(a) read with Section 424A(3) and Section 109 of the Penal Code. The charges allege that between May and July 2022 Zhu instigated Hodlnaut employees to make misleading statements in the company's official Telegram channels and in official emails to users, asserting that the platform had no direct exposure to UST and had not suffered losses from the crash. Zhu also allegedly published three similar posts on his personal Twitter/X account in June 2022. Zhu disputed all six charges in court. A pre-trial conference was scheduled for June 2026. If convicted, Zhu faces imprisonment of up to 20 years, a fine, or both per charge. Co-founder Simon Lee has been identified in earlier judicial management reports as having been investigated alongside Zhu for potential cheating and fraud offenses, though as of May 2026 no separate charges against Lee have been publicly announced.","heading":"Criminal Charges Against Zhu Juntao","severity":"critical","sources":[{"credibility":1,"name":"SPF — Former CEO of Hodlnaut Charged For Fraud By False Representation (official Singapore Police Force press release)","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"},{"credibility":2,"name":"Singapore charges ex-Hodlnaut CEO over allegedly misleading claims tied to Terra collapse — The Block","type":"news_article","url":"https://www.theblock.co/post/402711/singapore-charges-hodlnaut-former-ceo"},{"credibility":2,"name":"Singapore charges former Hodlnaut CEO Zhu Juntao over Terra collapse claims — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/27/singapore-charges-former-hodlnaut-ceo-zhu-juntao-over-terra-collapse-claims"},{"credibility":2,"name":"Ex-Hodlnaut CEO faces 6 fraud charges over Terra claims — Crypto.news","type":"news_article","url":"https://crypto.news/ex-hodlnaut-ceo-faces-6-fraud-charges-over-terra-claims/"},{"credibility":2,"name":"S'pore crypto platform Hodlnaut and its directors investigated for possible cheating and fraud — Vulcan Post","type":"news_article","url":"https://vulcanpost.com/809880/holdnaut-and-directors-investigated-for-possible-cheating-fraud/"}]},{"content":"Hodlnaut's collapse occurred during the broader 2022 crypto lending crisis, in which several major platforms suffered failures linked to interconnected risk and undisclosed DeFi exposures. Celsius Network and Voyager Digital had both filed for bankruptcy protection prior to Hodlnaut's withdrawal suspension, and Three Arrows Capital had already collapsed. The Terra/LUNA ecosystem failure triggered cascading losses across numerous platforms that had sought yield through Anchor Protocol. Total crypto market capitalization contracted from approximately $3 trillion in November 2021 to approximately $1 trillion by the time Hodlnaut suspended operations. Singapore's regulatory response to Hodlnaut, including the Commercial Affairs Department investigation and subsequent fraud charges, has been cited as a significant test case for how the city-state applies its Penal Code fraud provisions to digital asset operators. The Singapore High Court's treatment of crypto liabilities as 'debts' under the Insolvency, Restructuring and Dissolution Act was also noted as establishing legal precedent in the jurisdiction.","heading":"Broader Market Context","severity":"medium","sources":[{"credibility":1,"name":"Crypto lender Hodlnaut suspends withdrawals — The Washington Post","type":"news_article","url":"https://www.washingtonpost.com/business/2022/08/09/hodlnaut-suspends-withdrawals/"},{"credibility":2,"name":"Hodlnaut enters liquidation as crypto liabilities held to be 'debts' under IRDA — Global Restructuring Review","type":"news_article","url":"https://globalrestructuringreview.com/article/hodlnaut-enters-liquidation-crypto-liabilities-held-be-debts-under-irda"}]}],"sources_used":[{"credibility":1,"name":"SPF — Former CEO of Hodlnaut Charged For Fraud By False Representation","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"},{"credibility":2,"name":"Singapore charges former Hodlnaut CEO Zhu Juntao over Terra collapse claims — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/27/singapore-charges-former-hodlnaut-ceo-zhu-juntao-over-terra-collapse-claims"},{"credibility":2,"name":"Singapore charges ex-Hodlnaut CEO over allegedly misleading claims tied to Terra collapse — The Block","type":"news_article","url":"https://www.theblock.co/post/402711/singapore-charges-hodlnaut-former-ceo"},{"credibility":2,"name":"Crypto Lender Hodlnaut Freezes Withdrawals, Citing Market Conditions — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/08/08/crypto-lender-hodlnaut-freezes-withdrawals-citing-market-conditions"},{"credibility":2,"name":"Crypto Lender Hodlnaut Placed Under Interim Judicial Management — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/08/30/crypto-lender-hodlnaut-placed-under-interim-judicial-management-by-singapore-court"},{"credibility":1,"name":"Singapore Grants Judicial Management to Crypto Lender Hodlnaut — Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2022-08-30/singapore-approves-hodlnaut-plea-for-protection-from-creditors"},{"credibility":2,"name":"Crypto Lender Hodlnaut to Be Liquidated, Court Filing Shows — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/10/crypto-lender-hodlnaut-to-be-liquidated-court-filing-shows"},{"credibility":2,"name":"Hodlnaut Creditors Seek Liquidation, Reject Restructuring Plan — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/01/13/hodlnaut-creditors-seek-liquidation-reject-restructuring-plan-bloomberg"},{"credibility":2,"name":"Crypto Platform Hodlnaut Lost $190 Million From Terra's Crash — CryptoPotato","type":"news_article","url":"https://cryptopotato.com/crypto-platform-hodlnaut-lost-190-million-from-terras-crash-report/"},{"credibility":2,"name":"Hodlnaut Founders Deleted Over 1,000 Files, Shows Court Report — BeInCrypto","type":"news_article","url":"https://beincrypto.com/hodlnaut-founders-accused-of-hiding-documents/"},{"credibility":2,"name":"Singapore Starts Fraud Investigation Into Crypto Exchange Hodlnaut — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/11/24/singapore-starts-fraud-investigation-in-to-crypto-exchange-hodlnaut-reports"},{"credibility":2,"name":"Hodlnaut reports $193 million financial shortfall — The Block","type":"news_article","url":"https://www.theblock.co/post/164756/hodlnaut-financial-shortfall-193-million-crypto"},{"credibility":2,"name":"Algorand Foundation $35M exposure to Hodlnaut — The Block","type":"news_article","url":"https://www.theblock.co/amp/post/169093/algorand-foundation-hodlnaut-exposure-35-million"},{"credibility":1,"name":"Hodlnaut Pte. Ltd. (In Liquidation) — EY Singapore","type":"official","url":"https://www.ey.com/en_sg/hodlnaut-pte-ltd"},{"credibility":2,"name":"Hodlnaut enters liquidation as crypto liabilities held to be 'debts' under IRDA — Global Restructuring Review","type":"news_article","url":"https://globalrestructuringreview.com/article/hodlnaut-enters-liquidation-crypto-liabilities-held-be-debts-under-irda"},{"credibility":2,"name":"Hodlnaut Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Hodlnaut"},{"credibility":2,"name":"Caproasia — Singapore Collapsed Cryptocurrency Platform Hodlnaut Co-Founder Zhu Juntao Charged","type":"news_article","url":"https://www.caproasia.com/2026/05/27/singapore-collapsed-cryptocurrency-platform-hodlnaut-co-founder-zhu-juntao-charged-in-singapore-court-for-fraud-including-instigating-employees-to-provide-misleading-statements-to-users-of-no-direct-e/"},{"credibility":2,"name":"S'pore crypto platform Hodlnaut and its directors investigated — Vulcan Post","type":"news_article","url":"https://vulcanpost.com/809880/holdnaut-and-directors-investigated-for-possible-cheating-fraud/"},{"credibility":1,"name":"crypto lender Hodlnaut suspends withdrawals — The Washington Post","type":"news_article","url":"https://www.washingtonpost.com/business/2022/08/09/hodlnaut-suspends-withdrawals/"}],"summary":"Hodlnaut was a Singapore-based cryptocurrency lending platform founded in 2019 by Zhu Juntao and Simon Lee that suspended all withdrawals in August 2022 after suffering an estimated $189.7 million in losses tied to undisclosed exposure to the Terra/UST ecosystem. Company directors allegedly misled regulators and users about the extent of their Terra exposure in the weeks following the May 2022 collapse, and over 1,000 financial documents were deleted to obstruct judicial managers. The Singapore High Court ordered the platform wound up in November 2023, and former CEO Zhu Juntao was charged with six counts of fraud by false representation in May 2026.","timeline":[{"date":"2019-01-01","event":"Hodlnaut founded in Singapore by Zhu Juntao (CEO) and Simon Lee (CTO) as a crypto lending and interest-bearing deposit platform.","source":"Wikipedia / Antler","source_url":"https://en.wikipedia.org/wiki/Hodlnaut"},{"date":"2021-02-03","event":"Crowe Singapore validates approximately $106 million in crypto assets held by Hodlnaut.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/Hodlnaut"},{"date":"2022-03-15","event":"Hodlnaut receives in-principle approval from MAS for a Major Payment Institution licence for token swap services.","source":"Street Insider / PRNewswire","source_url":"https://www.streetinsider.com/PRNewswire/Cryptocurrency+Firm+Hodlnaut+Receives+In-Principle+Approval+(IPA)+from+the+Monetary+Authority+of+Singapore+(MAS)/19774354.html"},{"date":"2022-05-01","event":"TerraUSD (UST) algorithmic stablecoin loses its $1 peg and collapses to approximately $0.02, triggering approximately $189.7 million in losses on Hodlnaut's Anchor Protocol positions.","source":"CryptoPotato","source_url":"https://cryptopotato.com/crypto-platform-hodlnaut-lost-190-million-from-terras-crash-report/"},{"date":"2022-05-01","event":"Alleged: Zhu Juntao begins directing employees to post false statements in official Telegram channels and customer emails claiming Hodlnaut had no direct exposure to UST.","source":"Singapore Police Force press release","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"},{"date":"2022-06-01","event":"Alleged: Zhu Juntao publishes three posts on his personal Twitter/X account claiming Hodlnaut had no exposure to UST losses.","source":"Singapore Police Force press release","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"},{"date":"2022-08-08","event":"Hodlnaut suspends all withdrawals, deposits, and token swaps citing 'difficult market conditions' and withdraws its MAS licence application.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/08/08/crypto-lender-hodlnaut-freezes-withdrawals-citing-market-conditions"},{"date":"2022-08-13","event":"Hodlnaut files for judicial management protection with the Singapore High Court.","source":"Fintech Singapore","source_url":"https://fintechnews.sg/63316/crypto/hodlnaut-files-for-judicial-management-to-avoid-forced-asset-liquidation/"},{"date":"2022-08-19","event":"Hodlnaut discloses it owes approximately S$391 million (~$281 million) to users while holding only approximately S$122 million (~$88 million) in assets; 80% of workforce laid off.","source":"Wikipedia / CoinDesk","source_url":"https://en.wikipedia.org/wiki/Hodlnaut"},{"date":"2022-08-29","event":"Singapore High Court (Justice Aedit Abdullah) places Hodlnaut under interim judicial management; Angela Ee and Aaron Loh of EY Corporate Advisors appointed as interim judicial managers.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/08/30/crypto-lender-hodlnaut-placed-under-interim-judicial-management-by-singapore-court"},{"date":"2022-11-01","event":"EY judicial managers' court report reveals that over 1,000 documents were deleted from Hodlnaut's Google Workspace after their appointment; founders described as uncooperative.","source":"BeInCrypto","source_url":"https://beincrypto.com/hodlnaut-founders-accused-of-hiding-documents/"},{"date":"2022-11-24","event":"Singapore Police Force's Commercial Affairs Department announces a formal fraud and cheating investigation into Hodlnaut and its directors.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/11/24/singapore-starts-fraud-investigation-in-to-crypto-exchange-hodlnaut-reports"},{"date":"2023-01-13","event":"Major creditors including the Algorand Foundation reject Hodlnaut's restructuring plan and call for liquidation.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/01/13/hodlnaut-creditors-seek-liquidation-reject-restructuring-plan-bloomberg"},{"date":"2023-11-10","event":"Singapore High Court issues formal winding-up order for Hodlnaut; Aaron Lee and Angela Ee appointed joint liquidators; more than 17,000 creditors registered.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/11/10/crypto-lender-hodlnaut-to-be-liquidated-court-filing-shows"},{"date":"2026-05-26","event":"Singapore Police Force charges former CEO Zhu Juntao with six counts of fraud by false representation under Section 424A of the Penal Code 1871; Zhu disputes all charges.","source":"Singapore Police Force (official)","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/05/20260526_former_chief_executive_officer_of_hodlnaut_charged_for_fraud_by_false_representation"}]},"v":1}