Tokenize Xchange Hit with $60.5 Million Lawsuit in Singapore High Court Over Alleged Fraudulent Asset Misappropriation

COINOTAG News reported on December 1 that Tech in Asia documents a dispute around Tokenize Xchange. More than 270 former users have filed suit against founder Hong Qi Yu and his wife Erin Koo, alleging fraudulent misappropriation of customer assets and seeking $60.5 million in damages. Tokenize Xchange is a Singapore-based cryptocurrency exchange operated by AmazingTech, which halted operations in July 2025 after the Monetary Authority of Singapore denied a digital payment token license.

The interim judicial manager appointed by a Singapore court reported that AmazingTech owes customers about $2.663 billion, while assets total around $2.6 million. The Singapore High Court filing targets Hong Qi Yu and Erin Koo for the funding shortfall, highlighting the scale of creditor exposure.

This case underscores regulatory risk for crypto platforms in Singapore, stressing the need for asset protection, license compliance, and strong governance to safeguard customer interests and preserve market integrity.