Singapore court freezes assets of Tokenize Xchange founder and ex-wife

The Business Times disclosed that Hong Qi Yu, former CEO and founder of the entity behind the defunct cryptocurrency trading platform Tokenize Xchange, and his ex-wife Erin Koo, had their assets sealed by the High Court of Singapore pursuant to a freezing order, involving up to S$53 million. This amount is equal to the total amount claimed by 249 former customers in the lawsuit. The freezing order clearly prohibits the two persons from selling, transferring, mortgage, pledge or anything that may reduce the value of the relevant assets. On September 28, at a hearing hosted by Judge Mohamed Faizal in the High Court of Singapore, the 36-year-old Malaysian couple failed to apply for a lifting of the freezing order and the current ban remained in effect. Hong Qi Yu denied that he was the founder of the entity behind Tokenize Xchange and said he was not involved in the operation of the platform.