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Over 270 Former Tokenize Xchange Users Sue Founders for $60.5M

More than 270 former users of Tokenize Xchange filed a lawsuit against founder Hong Qi Yu and his wife Erin Koo seeking $60.5 million in damages for alleged fraudulent misappropriation of customer assets, techinasia reports. The Singapore-based crypto platform, operated by AmazingTech, ceased operations in July 2025 after the Monetary Authority of Singapore denied it a digital payment token license. Court-appointed interim judicial managers reported AmazingTech owes clients approximately $266.3 million while holding only about $2.6 million in assets, with the lawsuit alleging Hong and Koo are responsible for the funding shortfall.
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