Caixin reports that Texas Hold'em expert Hu Zhewen has filed a lawsuit against Jump Trading and a Chinese defendant.

Hu Zhewen Sues Jump Trading and Professor Zhang Yongfeng After an $80 Million Terra Bet and a $500 Million Claim

On Sept. 25, BlockBeats, citing Caixin, reported that Hu Zhewen, a Texas Hold'em professional and crypto investor, has filed a lawsuit in Chicago against global quantitative trading firm Jump Trading, its crypto-related companies and executives, seeking at least $500 million. The report frames the case as part of a public investment history marked by concentrated bets across three crypto waves, including algorithmic stablecoins and AI tokens, and repeated losses. Hu has also sued computer science professor Zhang Yongfeng, described in the report as a computer science professor of Chinese background, over a token project tied to an institution founded by Zhang.

Terra and LUNA Position Became a $500 Million Lawsuit

The report said Hu invested about $80 million in TerraUSD (UST) and its sister token LUNA from May 2021 to May 2022. The market value of his position once exceeded $800 million, but LUNA's price later fell to nearly zero.

His Chicago lawsuit names Jump Trading, its crypto-related companies and executives, and seeks at least $500 million. The claim places Hu's crypto bets under legal scrutiny after years of public reporting about his trading history and poker background.

Stratis Return, AI Token Bet and Securities Fraud Allegations

The report also said Hu claimed to have invested in the blockchain project Stratis and achieved a return of more than 1,000x. That claim appears alongside his later bets, including a move into Zhang Yongfeng's new project last January.

Hu said he spent about $1 million on tokens issued by an institution founded by Zhang. Those tokens have fallen more than 99.6% from their 2025 high, according to the report.

Zhang entered the computer science department at Tsinghua University in 2007 and is now a tenured associate professor in the computer science department at Rutgers University. The report said Hu has sued Zhang on securities fraud and multiple other allegations.

Poker Record Provides Public Context

Public records show Hu as a world-class Texas Hold'em player. The World Series of Poker official website currently records 58 prize-money finishes, five final-table appearances and about $1.67 million in total tournament winnings.

In a SuperMILLION$ event four years ago, which had a $10,000 buy-in, Hu reached the final two-player stage and finished runner-up to a New Zealand professional player. He won nearly $760,000, described in the report as the largest single-event prize in his publicly documented poker career.

What the Cases Leave to Watch

The report presents two legal tracks: a claim against Jump Trading and its crypto-related companies and executives, and a securities-fraud suit against Zhang. It also links those claims to Hu's public investment history: the $80 million TerraUSD and LUNA position, the more than $800 million peak value, the LUNA collapse, the more than 1,000x Stratis return claim and the $1 million token purchase that fell more than 99.6% from its 2025 high.

The next developments are likely to come from court filings and any public response from the parties. The story shows how concentrated bets in algorithmic stablecoins, AI tokens and project tokens can move from public portfolio claims into litigation.