The founder of Singapore-based cryptocurrency exchange Tokenize Xchange is being sued for $60.5 million in damages on charges of fraud.

According to Odaily Planet Daily, over 270 former users of Tokenize Xchange have filed a lawsuit against the platform's founder, Hong Qi Yu, and his wife, Erin Koo, accusing them of fraudulently misappropriating customer assets and seeking $60.5 million in damages.

A report by the interim judicial administrator appointed by the Singapore court states that AmazingTech owes customers approximately US$266.3 million, while its assets amount to only about US$2.6 million. The lawsuit filed in the Singapore High Court alleges that Hong Qi Yu and his wife are responsible for the funding shortfall.

Tokenize Xchange was a Singapore-based cryptocurrency exchange operated by AmazingTech. It ceased operations in July 2025 after the Monetary Authority of Singapore refused to grant it a digital payment token license.