The founder of Singapore-based cryptocurrency platform Tokenize Xchange is being sued for alleged fraud, with the company seeking $60.5 million in damages.

PANews reported on December 1st that, according to Techinasia, Hong Qi Yu, founder of the Tokenize Xchange platform, and his wife Erin Koo are being sued by over 270 former users. They are accused of fraudulently misappropriating customer assets and are being asked to pay $60.5 million in damages. The platform, operated by AmazingTech, ceased operations in July 2025 after failing to obtain a digital payment token license from the Monetary Authority of Singapore.

According to a report from the court-appointed interim judicial administrator, AmazingTech owes customers approximately $266.3 million while holding only $2.6 million in assets. The lawsuit, filed in the Singapore High Court, alleges that Hong Qi Yu and Erin Koo are responsible for the funding shortfall. Singaporean authorities are currently investigating potential illegal activities by AmazingTech and its affiliated entities, including fraudulent transactions. On July 31, Hong Qi Yu was charged with fraudulent transactions. Since July 20, the value of Tokenize Xchange's proprietary crypto token has fallen by over 80%, and by over 90% since the beginning of 2025.