TechFlow news, December 1 — Over 270 former Tokenize Xchange users have filed a lawsuit against platform founders Hong Qi Yu and his wife Erin Koo in Singapore, seeking $60.5 million in damages for alleged fraudulent misappropriation of customer assets, according to Techinasia.
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. Court-appointed interim judicial managers reported that AmazingTech owes customers approximately $266.3 million but holds only $2.6 million in assets.
The lawsuit, filed in the Singapore High Court, alleges that Hong and Koo are responsible for the shortfall. Singaporean authorities are investigating potential illegal activities involving AmazingTech and its related entities, including fraudulent transactions.
