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Investors seek court-ordered judicial management of Tokenize Xchange operator amid police probe

Investors seek court-ordered judicial management of Tokenize Xchange operator amid police probe

Source: Straits Times
Article Date: 07 Aug 2025
Author: Timothy Goh

Hong Qi Yu, a director of AmazingTech, and the founder and chief executive of Tokenize Xchange, was charged in court on July 31 over fraudulent trading under the same Act.

Seven cryptocurrency investors have applied to the High Court to place AmazingTech – the operator of embattled cryptocurrency platform Tokenize Xchange – under interim judicial management to protect their investments.

If their court application on Aug 5 is successful, the High Court can appoint professional managers to take over the day-to-day running of the company and audit its assets.

The Straits Times understands the seven customers have not been able to withdraw their deposits amounting to more than $4 million that are held by Tokenize Xchange.

Trading of cryptocurrencies on the platform currently remains suspended.

The High Court move by the seven investors comes as AmazingTech and its related entities are under investigation by the police for potential offences of fraudulent trading under the Insolvency, Restructuring and Dissolution Act.

Hong Qi Yu, a director of AmazingTech, and the founder and chief executive of Tokenize Xchange, was charged in court on July 31 over fraudulent trading under the same Act.

The seven investors are represented by lawyers Alfred Lim, Jaime Lye and Rasveen Kaur of law firm Meritus. They are asking the High Court to appoint Mr Cameron Lindsay Duncan, Mr David Dong-Won Kim and Mr Joshua Joseph Jeyaraj of corporate advisory and restructuring firm KordaMentha as the judicial managers of AmazingTech.

A court hearing has been set for Aug 21. The timeline for a judicial manager to be appointed by the High Court may take up to a few months.

Meanwhile, ST understands that another law firm – Dauntless Law Chambers – is assembling more than 100 customers, owed about $40 million by Tokenize Xchange, to file a class action lawsuit against Hong personally for fraud.

The Commercial Affairs Department and the Monetary Authority of Singapore (MAS) said in a statement on Aug 1 that MAS had received several customer complaints against AmazingTech in mid-July about delays in withdrawing monies and digital payment tokens.

On July 20, Tokenize Xchange said it would shut down the business following MAS’ decision not to grant it a licence to offer digital payment token services here. It was previously operating under an exemption. 

The company told ST then that its customers in Singapore can no longer buy or sell cryptocurrencies on its platform and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals.

ST understands that withdrawals have been inconsistent, with many investors still unable to access their funds.

MAS said in its Aug 1 statement that it found indications that the firm may have made false representations about segregating customer assets when applying for a major payment institution licence.

It added that AmazingTech and its activities are not supervised or regulated by MAS and has since referred the case to the Commercial Affairs Department for investigation.

ST has contacted Hong for comments, while queries for AmazingTech were unanswered.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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