According to Singapore Police, Zhu allegedly directed employees to publish misleading statements in Hodlnaut’s Telegram groups and customer emails between May and July 2022, claiming the platform had no direct exposure to UST and had not suffered losses from the collapse. Authorities also say Zhu personally posted similar statements on his X account, formerly Twitter, during the same period.

If convicted, Zhu could face up to 20 years in prison for each charge, along with possible fines. The case revives attention on one of the biggest crypto disasters in recent years, when the collapse of Terra wiped out roughly $50 billion in market value and contributed to the failure of several major crypto lenders across the industry.