Caixin: Poker Pro Huzhewen Has Sued Jump Trading and Chinese Professor Zhang Yongfeng, Suffering Repeated Losses from Heavy Bets in Crypto

Odaily News: Texas Hold'em poker professional and crypto investor Huzhewen made heavy bets during three crypto booms—algorithmic stablecoins and AI tokens—but suffered repeated losses. From May 2021 to May 2022, he invested approximately $80 million to purchase algorithmic stablecoin TerraUSD (UST) and its sister token LUNA. At their peak, his holdings were worth over $800 million, but LUNA's price subsequently fell to near zero. He claims he had previously invested in blockchain project Stratis and achieved a return of "over 1,000x."

It is reported that Huzhewen has filed a lawsuit in Chicago, USA, against globally renowned quantitative trading firm Jump Trading, its crypto-related companies and executives, seeking at least $500 million in damages. Additionally, in January last year, Huzhewen bet on a new project 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 in the Department of Computer Science at Rutgers University in the United States. He has been sued by Huzhewen on multiple charges including "securities fraud." It is reported that tokens issued by an institution founded by Zhang Yongfeng, which Huzhewen purchased for millions of dollars, have dropped over 99.6% from their 2025 peak.

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