Assets worth up to nearly S$53 million belonging to Hong Qi Yu, the former chief executive and founder of the entity behind collapsed crypto platform Tokenize Xchange, and his former wife Erin Koo have been frozen under a court order, according to The Business Times. The amount matches the total claims sought by 249 former customers in ongoing litigation. The order bars the pair from selling, disposing of, transferring, mortgaging, pledging, or otherwise reducing the value of the assets covered by the injunction. At a Sept. 28 hearing in the Singapore High Court before Justice Mohamed Faizal, the 36-year-old Malaysian former couple failed to have the order set aside, leaving it in force. Hong Qi Yu has denied that he was the sole decision-maker and driving force behind AmazingTech, the operating entity behind Tokenize Xchange.
Assets worth up to nearly S$53 million belonging to Hong Qi Yu, the former chief executive and founder of the entity behind the collapsed crypto exchange Tokenize Xchange, and his former wife Erin Koo have been frozen under a court order, according to The Business Times.
The amount represents the total claims brought in litigation by 249 former customers. The injunction bars the pair from selling, disposing of, transferring, mortgaging, pledging, or otherwise diminishing the value of the assets covered by the order.
Order remains in force after Sept. 28 hearing
The former couple, both 36-year-old Malaysians, appeared at a Sept. 28 hearing in the Singapore High Court before Justice Mohamed Faizal. They failed to overturn the order, and the asset freeze remains in effect.
Hong Qi Yu disputes role description
Hong Qi Yu denied that he was the sole decision-maker and driving force behind AmazingTech, the operating entity behind Tokenize Xchange.
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