Caixin: Poker Expert Hu Zhewen Suffers Three Consecutive Heavy Losses in Crypto, Has Sued Jump Trading and Chinese Professor Zhang Yongfeng

TechFlow reported on September 25 that according to Caixin, Texas Hold'em expert and veteran crypto investor Hu Zhewen has heavily bet on three waves of crypto hype—ICOs, algorithmic stablecoins, and AI tokens—but faced consecutive setbacks. Hu stated that he previously invested in the blockchain project Stratis, achieving returns of "over 1000 times."

According to disclosed information, from May 2021 to May 2022, Hu invested approximately $80 million to acquire the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA. The peak market value of his holdings surpassed $800 million before LUNA’s price subsequently collapsed near zero.

Additionally, Hu has sued the globally recognized quantitative trading firm Jump Trading, along with entities and executives tied to its crypto operations, in Chicago, seeking at least $500 million in damages. Following his experiences with Stox and Terra, Hu remains active in the cryptocurrency market, having bet on a new project in January last year led by Chinese computer science professor Zhang Yongfeng. Zhang entered Tsinghua University’s Department of Computer Science in 2007 and currently serves as a tenured associate professor at Rutgers University. Hu has brought multiple charges against him, including “securities fraud,” through the courts. It is reported that the token issued by the organization founded by Zhang, which Hu purchased for millions of dollars, has fallen more than 99.6% from its 2025 peak.