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Tokenize Founder Faces S$60.5M Lawsuit Over Alleged Crypto Misappropriation

Tokenize Founder Faces S$60.5M Lawsuit Over Alleged Crypto Misappropriation

Author:

Global Cryptocurrency

Published:

2025-12-01 17:57:02

21

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BTCCSquare news:

More than 270 former users of Tokenize Xchange have filed a S$60.5 million lawsuit against founder Hong Qi Yu and COO Erin Koo Kee Hoon. The suit alleges fraudulent asset misappropriation, with over S$266 million in user funds reportedly missing from the exchange.

Court documents reveal parent company AmazingTech held just S$2.6 million in assets against S$266 million in user liabilities. The plaintiffs claim customer funds were improperly commingled rather than held in segregated accounts as required.

The case follows similar high-profile crypto exchange collapses, underscoring persistent risks in digital asset custody. 'When exchanges blur the line between corporate and customer funds, disaster inevitably follows,' noted Singapore-based compliance expert Raj Patel.

By:

China Reaffirms Crypto Ban Amid Speculation Risks

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