[Founder of Singapore Crypto Exchange Tokenize Xchange Indicted for Fraud, Facing $60.5 Million Lawsuit] Odaily Planet Daily reports that 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 compensation. A report by the interim judicial manager appointed by the Singapore court states that AmazingTech owes customers approximately $266.3 million, while it holds assets of only about $2.6 million. The lawsuit filed with the Singapore High Court claims that Hong Qi Yu and his wife are responsible for the financial shortfall. Tokenize Xchange is a cryptocurrency exchange platform operated by AmazingTech and headquartered in Singapore. It ceased operations in July 2025 after being denied a digital payment token license by the Monetary Authority of Singapore.