The founder of the Singapore Crypto Assets trading platform Tokenize Xchange has been sued by users, claiming damages of 60.5 million USD.

GateNewsBot

2025-12-01 09:24:12

According to ChainCatcher news and a report by Techinasia, over 270 former users of Tokenize Xchange have filed a lawsuit against the platform's founder Hong Qi Yu and his wife Erin Koo, seeking $60.5 million in compensation for alleged fraudulent misappropriation of customer assets. Tokenize Xchange is a cryptocurrency platform based in Singapore, operated by AmazingTech, which closed after the Monetary Authority of Singapore rejected its application for a digital payment token license in July 2025. A court-appointed interim judicial manager reported that AmazingTech owes customers approximately $266.3 million but only holds $2.6 million in assets. The lawsuit was filed in the Singapore High Court, claiming that Hong and Koo are responsible for the funding shortfall. Singapore authorities are investigating possible illegal activities involving AmazingTech and its affiliated entities, including fraudulent transactions.

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