Caixin: Poker expert Hu Zhewen has sued Jump Trading and Chinese-American professor Zhang Yongfeng after a series of failed heavy bets in the cryptocurrency market.

BlockBeats news, September 25 - Texas Hold'em expert and crypto investor Hu Zhewen made heavy bets in three waves of crypto hype, including algorithmic stablecoins and AI tokens, but suffered repeated setbacks. From May 2021 to May 2022, he invested approximately $80 million to purchase the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA, with the market value of his holdings once exceeding $800 million at its peak, but LUNA's price subsequently plummeted to nearly zero. He claims to have invested in the blockchain project Stratis and achieved a return of "over 1,000 times." It is reported that Hu Zhewen has sued the globally renowned quantitative trading firm Jump Trading, its crypto-related companies, and executives in Chicago, USA, seeking at least $500 million in damages.

Additionally, in January last year, Hu Zhewen bet on a new project by Chinese computer professor Zhang Yongfeng. Zhang Yongfeng entered the Department of Computer Science at Tsinghua University in 2007 and is currently a tenured associate professor in the Department of Computer Science at Rutgers University in the USA. He has been taken to court by Hu Zhewen on multiple charges including "securities fraud." It is reported that the tokens issued by the institution founded by Zhang Yongfeng, which Hu Zhewen purchased for millions of dollars, have fallen by over 99.6% from their 2025 high.

Public records show that Hu Zhewen is a world-class Texas Hold'em player. The official website of the World Series of Poker (WSOP) currently records 58 times he has entered the money, 5 times he has reached the final table, with cumulative tournament winnings of approximately $1.67 million. In a tournament four years ago, in the "SuperMILLION$" high-stakes event with a $10,000 buy-in, he made it to the final two players but ultimately lost to a professional player from New Zealand, finishing as runner-up and winning nearly $760,000, which is the largest single-tournament prize in his public poker career. (Caixin)