{"investigation":{"slug":"hong-qi-yu","entity_name":"Hong Qi Yu","trust_score":3,"severity_base":null,"score_modifier":0,"confidence":0.75,"status":"published","content_type":"investigation","summary":"Hong Qi Yu is the founder and former CEO of AmazingTech Pte Ltd, operator of the collapsed Singapore cryptocurrency exchange Tokenize Xchange. Following the Monetary Authority of Singapore's rejection of AmazingTech's licence application and the platform's collapse in July 2025, Hong was criminally charged with fraudulent trading, is the subject of a S$53 million (~US$41 million) court-ordered Mareva injunction freezing his and his ex-wife's assets, and is a named defendant in a S$60.5 million civil suit brought by more than 270 former customers. Criminal proceedings and the civil suit remain ongoing and all allegations against him are unproven in court as of this writing.","sections":[{"content":"Hong Qi Yu, then aged 35 and a director of AmazingTech Pte Ltd (ATPL), the operator of Tokenize Xchange, was charged in a Singapore court on 31 July 2025 with fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018. The offence carries a maximum penalty of seven years' imprisonment, a fine, or both. The charge followed a referral from the Monetary Authority of Singapore (MAS) to the Commercial Affairs Department (CAD), which the CAD and MAS publicly confirmed on 1 August 2025. MAS stated it had found indications that ATPL lacked sufficient assets to meet customer claims, may not have properly segregated customer assets, and may have made false representations to MAS about asset segregation in its licence application. Police investigations were described as ongoing, and no verdict has been reported.","heading":"Criminal Charge: Fraudulent Trading","sources":[{"url":"https://charltonsquantum.com/singapore-launches-criminal-investigation/","name":"Singapore Launches Criminal Investigation into Tokenize Xchange Operator AmazingTech Pte Ltd After MAS Licence Rejection","type":"news_article","credibility":2},{"url":"https://mondovisione.com/media-and-resources/news/monetary-authority-of-singapore-and-singapore-police-force-investigation-into-t-202581/","name":"Monetary Authority of Singapore and Singapore Police Force investigation into Tokenize Xchange / AmazingTech Pte Ltd","type":"regulatory","credibility":1},{"url":"https://www.fastbull.com/brokersview/news/tokenize-xchange-founder-faces-60-million-collective-lawsuit-316278","name":"Tokenize Xchange Founder Faces $60 Million Collective Lawsuit","type":"news_article","credibility":2}],"severity":"critical"},{"content":"The Singapore High Court has frozen nearly S$53 million (approximately US$41 million) in assets linked to Hong Qi Yu and his ex-wife, Erin Koo Kee Hoon, the former chief operating officer of AmazingTech. The Mareva injunction bars the pair from selling, disposing of, transferring, mortgaging, pledging, or otherwise diminishing the value of the covered assets. An attempt by Hong and Koo to have the injunction lifted failed at a hearing before Judge Mohamed Faizal at the Singapore High Court on 28 September 2026, and the freeze order remains in force. The frozen amount corresponds to the claims of 249 former Tokenize Xchange customers who are pursuing the related civil suit. Hong has denied being the sole decision-maker and driving force behind AmazingTech; Koo has described her COO role as nominal and denied wrongdoing.","heading":"S$53 Million Mareva Injunction (Asset Freeze)","sources":[{"url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","name":"Singapore Court Grants $41 Million Asset Freeze Against Tokenize Xchange Founder","type":"news_article","credibility":2},{"url":"https://www.rootdata.com/news/782159","name":"The Singapore court freezes the assets of Tokenize Xchange founder and ex-wife","type":"news_article","credibility":2}],"severity":"critical"},{"content":"More than 270 former Tokenize Xchange customers filed a representative action in the Singapore High Court, led by six Singapore residents on behalf of 272 account holders, naming Hong Qi Yu and his wife/ex-wife Erin Koo Kee Hoon as defendants. The suit, filed around 29 November 2025 and reported with case developments through December 2025, seeks S$60.5 million (approximately US$47 million) in damages over alleged fraudulent misrepresentation and misappropriation of client funds. The claimants are represented by Dauntless Law Chambers. According to reporting, interim judicial managers found AmazingTech owed customers approximately S$266.3 million against realisable assets of only about S$2.6 million (under 1% of liabilities), and the claimants allege the resulting shortfall of roughly S$263.7 million was fraudulently misappropriated by Hong and Koo. As of early December 2025, defendants were due to indicate by 8 December 2025 whether they would contest the suit, with a defence due by 15 December 2025 if contested. These are allegations made by plaintiffs and have not been proven in court. Later reporting (October 2026) refers to 249 claimants after 23 reportedly withdrew.","heading":"Civil Suit by 272+ Former Customers","sources":[{"url":"https://www.fastbull.com/brokersview/news/tokenize-xchange-founder-faces-60-million-collective-lawsuit-316278","name":"Tokenize Xchange Founder Faces $60 Million Collective Lawsuit","type":"news_article","credibility":2},{"url":"https://www.singaporelawwatch.sg/Headlines/Tokenize-Xchange-users-sue-founder-and-his-wife-for-over-60m-in-lost-assets","name":"Tokenize Xchange users sue founder and his wife for over $60m in lost assets","type":"news_article","credibility":2},{"url":"https://finance.yahoo.com/news/popular-crypto-exchange-founder-sued-175215843.html","name":"Popular crypto exchange founder sued","type":"news_article","credibility":2}],"severity":"critical"},{"content":"AmazingTech Pte Ltd (ATPL), the company founded and formerly led by Hong Qi Yu that operated Tokenize Xchange, had been operating under a temporary exemption from licensing under the Payment Services Act 2019 while its application for a Major Payment Institution licence was pending with MAS. That exemption ended on 4 July 2025 after MAS rejected the licence application, requiring ATPL to wind down and return customer monies and digital tokens. Tokenize announced its closure around 20 July 2025. In mid-July 2025, MAS received customer complaints about delayed withdrawals; MAS said it found indications ATPL lacked sufficient assets to meet customer claims and may not have properly segregated customer assets. ATPL was placed under interim judicial management by High Court order on 15 August 2025 following a creditor petition. Interim judicial managers reported to the High Court on 9 September 2025 that customer liabilities stood at approximately S$266.3 million as of 15 August 2025, with 2,241 customers having lodged claims by that date. The High Court wound up AmazingTech on 30 September 2025. Singapore's Deputy Prime Minister and MAS Chairman Gan Kim Yong confirmed these figures in a parliamentary reply on 23 September 2025, stating MAS does not regulate ATPL and that affected customers should register with the interim judicial managers.","heading":"Collapse of Tokenize Xchange and MAS Licence Rejection","sources":[{"url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","name":"Singapore Court Grants $41 Million Asset Freeze Against Tokenize Xchange Founder","type":"news_article","credibility":2},{"url":"https://www.hubbis.com/news/investigation-into-tokenize-xchange-operated-by-amazingtech-pte-ltd","name":"Investigation into Tokenize Xchange operated by AmazingTech Pte Ltd","type":"news_article","credibility":2},{"url":"https://www.singaporelawwatch.sg/Headlines/Investors-seek-court-ordered-judicial-management-of-Tokenize-Xchange-operator-amid-police-probe","name":"Investors seek court ordered judicial management of Tokenize Xchange operator amid police probe","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2025-07","event":"AmazingTech Pte Ltd's temporary exemption from Payment Services Act licensing ended after MAS rejected its Major Payment Institution licence application; the company was required to wind down and return customer funds and tokens.","source":"Caproasia","source_url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","date_original":"2025-07-04"},{"date":"2025-07","event":"Tokenize Xchange announced its closure after MAS's licence rejection.","source":"Fastbull","source_url":"https://www.fastbull.com/brokersview/news/tokenize-xchange-founder-faces-60-million-collective-lawsuit-316278","date_original":"2025-07-20"},{"date":"2025-07-31","event":"Hong Qi Yu was charged in court with fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018.","source":"Charlton's Quantum / Singapore police","source_url":"https://charltonsquantum.com/singapore-launches-criminal-investigation/","date_evidence":"Hong Qi Yu, then 35 and a director of ATPL, has been charged with fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018, on 31 July 2025."},{"date":"2025-08","event":"MAS and the Commercial Affairs Department publicly confirmed investigations into AmazingTech Pte Ltd and related companies.","source":"Mondo Visione / MAS","source_url":"https://mondovisione.com/media-and-resources/news/monetary-authority-of-singapore-and-singapore-police-force-investigation-into-t-202581/","date_original":"2025-08-01"},{"date":"2025-08","event":"AmazingTech Pte Ltd was placed under interim judicial management by a Singapore High Court order following a creditor petition.","source":"Caproasia","source_url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","date_original":"2025-08-15"},{"date":"2025-09","event":"Interim judicial managers reported to the High Court that customer liabilities stood at approximately S$266.3 million as of 15 August 2025, with 2,241 customers having lodged claims.","source":"Caproasia","source_url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","date_original":"2025-09-09"},{"date":"2025-09","event":"Deputy Prime Minister and MAS Chairman Gan Kim Yong confirmed the liability figures in a parliamentary reply, stating MAS does not regulate AmazingTech and affected customers should register with the interim judicial managers.","source":"Caproasia","source_url":"https://caproasia.com/2026/10/09/singapore-court-grants-41-million-s53-million-asset-freeze-order-mareva-injunction-against-singapore-collapsed-cryptocurrency-trading-platform-tokenize-xchange-parent-amazingtech-pte-ltd-again","date_original":"2025-09-23"},{"date":"2025-09","event":"The Singapore High Court ordered the winding up of AmazingTech Pte Ltd.","source":"Fastbull","source_url":"https://www.fastbull.com/brokersview/news/tokenize-xchange-founder-faces-60-million-collective-lawsuit-316278","date_original":"2025-09-30"},{"date":"2025-11","event":"More than 270 former Tokenize Xchange customers filed a representative civil suit in the High Court against Hong Qi Yu and Erin Koo Kee Hoon seeking approximately S$60.5 million in damages for alleged fraudulent misrepresentation and misappropriation of client funds.","source":"Caproasia / Fastbull","source_url":"https://www.fastbull.com/brokersview/news/tokenize-xchange-founder-faces-60-million-collective-lawsuit-316278","date_original":"2025-11-29"},{"date":"2026-09","event":"Hong Qi Yu and Erin Koo Kee Hoon failed to lift the S$53 million Mareva injunction freezing their assets at a hearing before Judge Mohamed Faizal at the Singapore High Court; 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