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

Hong Qi Yu, founder of the Tokenize Xchange platform, and his wife Erin Koo are being sued by over 270 former users, accused of fraudulently misappropriating customer assets and ordered 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.