09:24
The founder of the Singapore Crypto Assets trading platform Tokenize Xchange has been sued by users, claiming damages of 60.5 million USD.
According to ChainCatcher news reported by Techinasia, more than 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 shut down after the Monetary Authority of Singapore rejected its digital payment token license application in July 2025. A report from the court-appointed interim judicial manager stated 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
