Hu Zhewen Seeks at Least $500 Million in Jump Trading Lawsuit
The poker player and crypto investor also sued computer professor Zhang Yongfeng over securities fraud and other claims.
Hu Zhewen is seeking at least $500 million from Jump Trading and related crypto businesses and executives after losses across several major cryptocurrency market cycles.
Hu, a Chinese poker player and longtime crypto investor, sued Jump Trading in Chicago. He also sued computer professor Zhang Yongfeng over securities fraud and other claims.
Hu’s crypto investments have followed three major crypto market cycles. He has said he earned more than 1,000 times his investment in the blockchain project Stratis.
Between May 2021 and May 2022, Hu invested about $80 million in TerraUSD (UST), an algorithmic stablecoin, and its sister token LUNA. The value of those holdings briefly exceeded $800 million before LUNA fell nearly to zero.
In January 2025, Hu invested millions of dollars in a token issued by an organization founded by Zhang. The token has since fallen more than 99.6% from its 2025 peak. Hu has accused Zhang of securities fraud and other wrongdoing.
Zhang entered Tsinghua University’s computer science department in 2007 and is a tenured associate professor in the computer science department at Rutgers University.
The lawsuits concern separate claims against Jump Trading and Zhang Yongfeng in the United States.
