Hu Zhewens Sues Jump Trading and Zhang Yongfeng for At Least $500 Million

Chinese poker master Hu Zhewens has filed a lawsuit in Chicago against quantitative trading firm Jump Trading and its executives, seeking at least $500 million in damages. Hu heavily invested during three waves of crypto hype involving ICOs, algorithmic stablecoins, and AI tokens, but faced consecutive failures. He previously invested in the blockchain project Stratis, achieving returns exceeding 1000 times. From May 2021 to May 2022, Hu invested approximately $80 million in the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA, with the peak market value of his holdings exceeding $800 million, but the price of LUNA has nearly dropped to zero. Additionally, last January, Hu invested in a new project by Chinese professor Zhang Yongfeng, who is an associate professor in the Computer Science Department at Rutgers University. Hu has accused Zhang of securities fraud among other charges, as the tokens he invested in have fallen over 99.6% from their peak in 2025.

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