‘Lost their life savings’: Tokenize Xchange users sue founder and wife for over S$60 million in lost crypto assets
The firm owes its customers about S$266.3 million but has only S$2.6 million in realisable assets, interim judicial manager report reveals
[SINGAPORE] More than 200 former customers of the now-defunct cryptocurrency trading platform Tokenize Xchange are collectively suing the founder of the company to claim S$60.5 million in damages for fraudulent misrepresentation.
According to court documents seen by The Business Times, the group of investors commenced a representative action in the High Court against Hong Qi Yu, the founder and chief executive of AmazingTech, the operating entity behind Tokenize.
The suit also names Hong’s wife, Erin Koo Kee Hoon, as a defendant. According to the document, Koo served as the company’s chief operating officer.
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