More than 270 former Tokenize Xchange users have filed a lawsuit against the platform's founder, Hong Qi Yu, and his wife, Erin Koo, seeking $60.50 million in damages for allegedly fraudulent misappropriation of client assets.
Tokenize Xchange, a Singapore-based cryptocurrency platform operated by AmazingTech, shut down after the Monetary Authority of Singapore rejected its digital payment token license application in July 2025. The court-appointed interim judicial administrator reported that AmazingTech owed customers about $266.30 million but held only $2.60 million in assets.
The suit, filed in Singapore's High Court, alleges that Hong and Koo were responsible for the shortfall. The Singapore authorities are investigating possible illegal activities involving AmazingTech and its affiliated entities, including fraudulent transactions.
The founder of Singapore crypto exchange Tokenize Xchange has been sued by users for 60.50 million dollars
2025-12-01 09:14:56
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