The founder of Singapore cryptocurrency exchange Tokenize Xchange has been sued by users for $60.5 million

According to 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 shut down after the Monetary Authority of Singapore rejected its application for a digital payment token license in July 2025. A report from the court-appointed interim judicial manager stated 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. Singaporean authorities are investigating potential illegal activities involving AmazingTech and its affiliated entities, including fraudulent trading.