Singapore-based cryptocurrency exchange Tokenize Xchange's founder has been sued for alleged fraud, claiming $60.5 million in damages.

BlockBeats News, December 1st. According to techinasia report, over 270 former users of Tokenize Xchange have filed a lawsuit against the platform's 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 cryptocurrency exchange based in Singapore operated by AmazingTech. It ceased operations in July 2025 after being denied a digital payment token license by the Monetary Authority of Singapore.

The interim judicial manager appointed by the Singapore court reported that AmazingTech owes customers approximately $2.663 billion, but its held assets are only around $2.6 million. The lawsuit filed with the Singapore High Court holds Hong Qi Yu and his wife responsible for the funding shortfall.