According to Wu, as reported by 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 Crypto Assets platform based in Singapore, operated by AmazingTech, which closed after the Monetary Authority of Singapore rejected its application for a digital payment Token license in July 2025. The court-appointed interim judicial manager reported that AmazingTech owes customers approximately $266.3 million but only holds $2.6 million in assets.
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According to Wu, as reported by 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 Crypto Assets platform based in Singapore, operated by AmazingTech, which closed after the Monetary Authority of Singapore rejected its application for a digital payment Token license in July 2025. The court-appointed interim judicial manager reported that AmazingTech owes customers approximately $266.3 million but only holds $2.6 million in assets.