According to Deep Tide TechFlow news on December 1, as reported 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 damages 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 digital payment token license application in July 2025. The court-appointed provisional 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 potential illegal activities involving AmazingTech and its affiliated entities, including fraudulent transactions.
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