The platform called Tokenize Xchange in Singapore has encountered issues again? I heard that over 270 users have united to sue the founder Hong Qi Yu and his wife Erin Koo, with the claim amount skyrocketing to 60.5 million USD.

The situation is as follows: the parent company of this platform is AmazingTech, which was operating relatively normally under the Monetary Authority of Singapore, but suddenly went cold in July 2025. Now, users are collectively suing, with the main demand being one - the platform is suspected of illegally misappropriating customer assets.

To be honest, such cases are not new in the industry. However, every time I see such large-scale rights protection actions, I still have to remind everyone: when choosing a platform, it is important to clearly understand its qualifications and regulatory situation, rather than just looking at the return rates. After all, once the money goes into a black hole, trying to recover it is harder than climbing to the sky.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

18 Likes

Reward
18
6
Repost
Share

Comment

0/400

JustHodlIt

· 12-01 09:40

Another one, I'm really fed up, this circle has never been peaceful. --- Over 60 million just went down the drain, how many people will go bankrupt because of this? --- The Monetary Authority of Singapore can't hold it down either? Can regulation really crash like this? --- Don't tell me about any yields, I only trust Cold Wallets now. --- More than 270 people united to sue, this time we should be able to recover some, right... hopefully. --- Remember this name Hong Qi Yu, in the future if I see this guy's project, I'll just pass. --- Cooled down in July 2025? It's just exploding now? Why didn't users react during this time? --- Again it's asset misappropriation, the eternal classic trick, when will they regulate this? --- I just want to know how many cents I can recover in the end... --- Choosing a platform indeed requires looking at regulation, but even if you look, it's useless, if it needs to crash, it will crash.

View OriginalReply0

WhaleMinion

· 12-01 09:36

60.5 million USD? Damn, another Rug Pull, I said long ago not to touch platforms whose details are unknown. Hong Qi Yu and this pair really dare to do it, even the Monetary Authority of Singapore couldn't stop them from misappropriating. More than 270 people are suing together, this time it seems they can't escape, but recovering the funds is too difficult. I just want to know how those early investors conducted their due diligence... Actually, what annoys me the most is that such incidents are becoming more and more frequent, newbies can't tell what's true or false at all. To those who are Rekt this time, if you can recover it, consider yourselves lucky, I bet five bucks it'll all go down the drain. Another project from Singapore, feels like nothing can be trusted anymore.

View OriginalReply0

StablecoinEnjoyer

· 12-01 09:32

Another money-burning fraudulent platform... Even the endorsement from the Monetary Authority of Singapore can cool down, who still dares to trust it? The platform evaporated overnight, and users lost all their investments, this is truly outrageous. 60.5 million dollars, not much in general terms, but for ordinary retail investors, it's a devastating blow. The key question is, what is the success rate of such rights protection? I bet five bucks the founder has already done a Rug Pull.

View OriginalReply0

ProposalDetective

· 12-01 09:30

Another platform with a bad reputation, over 270 people have joined together to file a lawsuit and still no response? This money seems to be in jeopardy. Wait a minute, July 2025? What month is it now, is the timeline correct? If even the Monetary Authority of Singapore's endorsement can go cold, what does that indicate... are the licenses in this circle just for show? 65 million USD, if this can't be recovered, how many people will lose their minds? They say it's all "normal operation," but then suddenly they pull a Rug Pull overnight, this trap is getting really old. When will those who look at the returns wake up, really...

View OriginalReply0

PancakeFlippa

· 12-01 09:24

Another "regular army" has collapsed... Now it's good, $60.5 million down the drain --- Even the Singapore Monetary Authority's license can't stop it, when it’s doomed, it’s doomed --- More than 270 people have jointly sued, how desperate must they be to reach this point --- Damn, every time it’s "We have regulatory qualifications", and then the money just disappears... really need to learn to be smarter --- AmazingTech? You mean Amazing Scam --- Looking at this situation, those platforms in the country must be trembling --- The question is how much can be recovered after the lawsuit... that’s the key --- With such high returns, shouldn’t someone have been alerted long ago? --- Directly doomed, no news since July? This operation is too shady.

View OriginalReply0

MEVEye

· 12-01 09:19

Here we go again? There are only a few tricks in this circle for rug pulls, and Hong Qi Yu this time directly took his wife down with him, 60.5 million dollars, my frens, how can someone be so deceitful. I’ve said it long ago, even the Singapore Monetary Authority’s endorsement can’t save greedy people; suddenly disappeared in July, laughing. 270 victims have united to file a lawsuit, this time they are serious. I just want to ask those friends who only look at annualized returns, what are you aiming for with this operation? Qualifications, cold wallet address, audit reports, you just rush in without checking any of these? I really don’t want to experience the feeling of money going into a black hole a second time. Forget it, after seeing this kind of news so many times, it’s just like that; anyway, pursuing the funds is basically hopeless.

View OriginalReply0

Trending TopicsView More
#JoinGrowthPointsDrawToWiniPhone17
236.51K Popularity
#DecemberMarketOutlook
33.25K Popularity
#GIGGLEAndPIPPINSurge
5.61K Popularity
#LINKETFToLaunch
5.47K Popularity
#SharingMy100xToken
5.01K Popularity

Hot Gate FunView More

1
SAFFSAFF Fans
MC:$3.54KHolders:1
0.00%
2
MANMi Airdrop
MC:$3.53KHolders:1
0.00%
3
PIKACHUSuprised Pikachu
MC:$3.57KHolders:1
0.29%
4
DF61DF61
MC:$3.52KHolders:1
0.00%
5
DLHDr Lin Han
MC:$3.58KHolders:1
0.31%

Sitemap