Users of defunct S'pore-based crypto exchange sue founder & wife, allege they misappropriated S$263 million

272 former customers of Tokenise Xchange are collectively suing the founder, Hong Qi Yu, for S$60.5 million in damages for alleged fraudulent misrepresentation.

According to a Business Times (BT) report, the suit also names Erin Koo, as a defendant. Documents BT saw showed Koo served as the company's chief operating officer.

The suit is being led by six claimants who are Singapore residents.

AmazingTech Pte Ltd (ATPL) was the company that operated Tokenize Xchange.

According to The Straits Times (ST), a report filed by court-appointed interim judicial managers found ATPL owed customers around S$266.3 million, against S$2.6 million in realisable assets.

The lawyer representing the claimants, Suresh Divyanathan, said the realisation that ATPL held less than 1 per cent of customers' total assets came as a "deep shock".

The representative action would make it more economical to obtain damages for the loss, Divyanathan told ST.

ATPL had its licence application rejected by the Monetary Authority Services in July 2025.

They were then required to cease providing payment services, wind down their business, and ensure all monies and digital payment tokens received from their customers were returned.

MAS subsequently found indications that ATPL did not have sufficient assets to meet its customers' claims, and it "might not have" segregated its customers' assets from ATPL's assets.

Hong was charged in court on Jul. 31, 2025, with the offence of fraudulent trading, which carries a maximum imprisonment term of not more than seven years, a fine, or both.

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