Caixin: Poker master Hu Zhewen has sued Jump Trading and Chinese professor Zhang Yongfeng, and the currency circle has lost three heavy positions one after another.

PANews reported on September 26 that according to Caixin.com, Hu Zhewen, a Chinese Texas Hold'em poker master and senior crypto investor, made heavy bets during the three crypto booms of ICO, algorithmic stablecoins and AI tokens, but failed one after another. Hu Zhewen said that he had invested in the blockchain project Stratis and achieved a return of "more than 1,000 times."

According to disclosed information, Hu Zhewen invested approximately US$80 million in purchasing the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA from May 2021 to May 2022. The market value of the position once exceeded US$800 million at its peak, but then the price of LUNA almost returned to zero.

In addition, Hu Zhewen has sued Jump Trading, a world-renowned quantitative trading company, and its encryption business-related companies and executives in Chicago, claiming at least US$500 million. After experiencing Stox and Terra, Hu Zhewen has not left the cryptocurrency market. In January last year, he bet on the new project of a Chinese computer professor Zhang Yongfeng. Zhang Yongfeng entered the Department of Computer Science of Tsinghua University in 2007 and is currently a tenured associate professor of the Department of Computer Science at Rutgers University in the United States. He has been sued by Hu Zhewen in court on multiple charges including "securities fraud." It is reported that the tokens issued by Zhang Yongfeng's founding institution, which Hu Zhewen invested millions of dollars in, have fallen by more than 99.6% from the high point in 2025.