BlockBeats News, December 1st, according to 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, accusing them of fraudulent misappropriation of customer assets and seeking $60.5 million in compensation.
Tokenize Xchange is a cryptocurrency exchange operated by AmazingTech and based in Singapore. It ceased operations in July 2025 after being denied a digital payment token license by the Monetary Authority of Singapore.
A report by the court-appointed interim judicial manager in Singapore stated that AmazingTech owes customers approximately $2.663 billion, but its held assets are only about $2.6 million. The lawsuit filed with the Singapore High Court holds Hong Qi Yu and his wife accountable for the fund shortfall.
