Chinese poker player who lost $800M LUNA fortune sues Jump Trading and AIOS founders
- —Hu invested roughly $80 million in LUNA and TerraUSD between May 2021 and May 2022
- —His crypto holdings peaked above $800 million before LUNA collapsed to near zero
- —The Illinois RICO suit against Jump Trading and related parties was filed May 7, 2026, seeking at least $500 million
- —A New Jersey securities fraud suit filed Aug. 28, 2026 targets professor Zhang Yongfeng and the AIOS Foundation over a $1 million AIOS investment down 99.6%
Why it matters: The case highlights the risks of algorithmic stablecoins and the gap between paper valuations and actual recoverable funds.
Source: TokenPost