Hu Zhewen has reportedly sued Jump Trading and related parties in Chicago
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AT A GLANCE
Caixin reported that Hu Zhewen has sued Jump Trading and others, seeking at least 500000000 USD。
Article
Caixin: Poker expert Hu Zhewen has sued Jump Trading and Chinese professor Zhang Yongfeng after consecutive failed major bets in crypto
PANews September 26 According to Caixin, Chinese Texas Hold'em expert and veteran crypto investor Hu Zhewen made major bets during ICO, algorithmic stablecoins, and AI tokens, the waves of crypto hype, but suffered consecutive failures. Hu Zhewen said that he had invested in the blockchain project Stratis and achieved a return of “more than 1000 times.” According to disclosed information, Hu Zhewen invested approximately 2021 in May to 2022,May to purchase the algorithmic stablecoin TerraUSD (80000000 USD purchased the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA, with the market value of his holdings once exceeding 800000000 USD, but the price of LUNA subsequently nearly fell to zero. In addition, Hu Zhewen has sued globally renowned quantitative trading firm Jump Trading, as well as companies and executives related to its crypto business, in Chicago, USA, seeking at least 500000000 USD. After Stox and Terra, Hu Zhewen still has not left...
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🔗https://www.panewslab.com/zh/articles/01a0dcf4-450d-70d2-9327-a82b313ca0a1
Key points
01
Caixin reported that Hu Zhewen, a Chinese Texas Hold'em expert and seasoned crypto investor, had invested in blockchain project Stratis, claiming returns of “more than 1000 times.”
02
Hu Zhewen invested 2021 in May to 2022 in May successively investing approximately 80000000 USD to purchase the algorithmic stablecoin TerraUSD (UST) and LUNA。
03
Hu Zhewen said that the market value of his holdings once exceeded 800000000 USD, after which LUNA its price nearly fell to zero.
04
Hu Zhewen has filed a lawsuit in Chicago, United States, against Jump Trading and executives and companies related to its cryptocurrency business, seeking at least 500000000 USD。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a report on Hu Zhewen's crypto investment experience and lawsuit. The report notes that he previously held large positions in UST and LUNA, after which LUNA prices nearly fell to zero; he is now suing Jump Trading and others, seeking at least 500000000 USD in compensation.
Why it matters to readers
The case involves a large quantitative trading firm, crypto-asset investment, and a massive claim, potentially raising concerns about counterparty and industry compliance risks. The impact of the case still depends on court documents, the defendants’ responses, and subsequent rulings.
It illustrates cryptocurrency-asset price volatility, the risks of concentrated investment, and that a litigation claim does not mean the plaintiff has already prevailed.
Risks and unknowns
The provided content does not include the court filing, so the case’s acceptance status and specific allegations cannot be confirmed.
The provided content does not include a response from Jump Trading or the related defendants.
“at least 500000000 USD” is the claimed amount and does not mean that the court has awarded compensation.
The content at the end of the original text is truncated, so the specific relationship and allegations in Hu Zhewen’s lawsuit against Zhang Yongfeng cannot be confirmed.
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Related concepts
algorithmic stablecoin
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