Poker Pro Sues Jump Trading and Professor Zhang Yongfeng After Crypto Losses

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Professional poker player and crypto investor Hu Zhewen has filed a lawsuit against global quantitative trading giant Jump Trading and Chinese professor Zhang Yongfeng. Hu claims to have suffered a string of losses after heavy investments in the crypto space, including algorithmic stablecoins and AI tokens. Between May 2021 and May 2022, he poured around $80 million into the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA. Although his holdings were worth over $800 million at their peak, LUNA's price later plummeted to near zero. In his lawsuit filed in Chicago, U.S., Hu is seeking at least $500 million in damages from Jump Trading, its crypto-related affiliates, and executives. Separately, Hu invested in a new project by Chinese computer professor Zhang Yongfeng last January. Zhang, an associate professor at Rutgers University in the U.S., has also been sued by Hu on multiple charges, including “securities fraud.” The token issued by Zhang’s institution, in which Hu invested millions of dollars, has reportedly fallen more than 99.6% from its 2025 peak. This case highlights the significant risks and volatility associated with investing in the crypto market, particularly in new or highly speculative projects.