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Sep 22, 2025, 11:24am
1/3
PHOTO: THE STRAITS TIMES
Ong Su Mann
Submitted by Stomper Nick
More than 350 members of a trading community led by an influencer have lost money after buying cryptocurrency he recommended.
Stomper Nick claimed the crypto was promoted by the unnamed influencer as well as Tokenize Xchange CEO and founder Hong Qi Yu, who was charged with fraudulent trading on July 31.
"There may be many other victims out there and quite a number of them are retirees who have lost their life and retirement savings," said the Stomper.
"The victims are all from a trading community led by a prominent stock trainer and financial influencer, who has been around for more than 10 years and published books on stock trading."
The Stomper alleged that since late 2024, the influencer had partnered with Hong to conduct many rounds of private crypto token sales to the trading community.
These coins were an exchange token under Tokenize Xchange, a trading system token and a VR token. The minimum placement for each round was US$10,000 (S$12,9000).
"Community members were encouraged to purchase these crypto coins via private sale and to stake them for yields," said the Stomper.
"The influencer had informed the community members that the funds from the private sale were all kept by Hong Qi Yu and had declined to provide any further updates to the community members.
"Some community members had tried to trace the funds via on chain data and found that the funds were all being transferred to an external wallet and the sum involved is in excess of US$100 million.
"The Tokenize Xchange token today is worthless. The price of the other tokens have also all fallen by more than 99 per cent."
The community is shocked and devastated by the significant sum of money lost.
"This money is hard-earned savings, education funds, retirement income and also funds for medical treatments," said the Stomper.
"Many members have made police reports, sent feedback to the Monetary Authority of Singapore (MAS) and went to see their MPs to highlight the situation."
Stomp has contacted the police for more info.
In an Aug 1 joint statement, the police and MAS said the Commercial Affairs Department (CAD) was investigating AmazingTech and its related companies.
AmazingTech was not licensed by MAS and its activities were not supervised or regulated by MAS. The company operated Tokenize Xchange under an exemption from holding a licence while pending the MAS' assessment of its application for a Major Payment Institution licence.
The exemption ended on July 4 following MAS' rejection of the company's licence application.
AmazingTech was required to cease providing payment services, wind down its business in an orderly manner and ensure that all money and digital payment tokens received from its customers were returned.
In mid-July, MAS received several customer complaints against the company for delays in processing withdrawals of monies and digital payment tokens to customers.
MAS found indications that AmazingTech might have made false representations to MAS regarding the segregation of its customers' assets when the company applied for a Major Payment Institution licence.
MAS then referred AmazingTech to CAD for investigations.
Hong Qi Yu was a director of AmazingTech and charged with fraudulent trading, an offence which carries an imprisonment term not exceeding seven years, a fine or both.
Police investigations are ongoing.
On Aug 5, seven cryptocurrency investors applied to the High Court to place AmazingTech under interim judicial management to protect their investments, reported The Straits Times.
The investors are believed to have not been able to withdraw more than $4 million held by Tokenize Xchange.
Misled by influencer, retirees lose life savings after buying crypto linked to CEO charged with fraudulent trading
1/3
PHOTO: THE STRAITS TIMES
Ong Su Mann
Submitted by Stomper Nick
More than 350 members of a trading community led by an influencer have lost money after buying cryptocurrency he recommended.
Stomper Nick claimed the crypto was promoted by the unnamed influencer as well as Tokenize Xchange CEO and founder Hong Qi Yu, who was charged with fraudulent trading on July 31.
"There may be many other victims out there and quite a number of them are retirees who have lost their life and retirement savings," said the Stomper.
"The victims are all from a trading community led by a prominent stock trainer and financial influencer, who has been around for more than 10 years and published books on stock trading."
The Stomper alleged that since late 2024, the influencer had partnered with Hong to conduct many rounds of private crypto token sales to the trading community.
These coins were an exchange token under Tokenize Xchange, a trading system token and a VR token. The minimum placement for each round was US$10,000 (S$12,9000).
"Community members were encouraged to purchase these crypto coins via private sale and to stake them for yields," said the Stomper.
"The influencer had informed the community members that the funds from the private sale were all kept by Hong Qi Yu and had declined to provide any further updates to the community members.
"Some community members had tried to trace the funds via on chain data and found that the funds were all being transferred to an external wallet and the sum involved is in excess of US$100 million.
"The Tokenize Xchange token today is worthless. The price of the other tokens have also all fallen by more than 99 per cent."
The community is shocked and devastated by the significant sum of money lost.
"This money is hard-earned savings, education funds, retirement income and also funds for medical treatments," said the Stomper.
"Many members have made police reports, sent feedback to the Monetary Authority of Singapore (MAS) and went to see their MPs to highlight the situation."
Stomp has contacted the police for more info.
In an Aug 1 joint statement, the police and MAS said the Commercial Affairs Department (CAD) was investigating AmazingTech and its related companies.
AmazingTech was not licensed by MAS and its activities were not supervised or regulated by MAS. The company operated Tokenize Xchange under an exemption from holding a licence while pending the MAS' assessment of its application for a Major Payment Institution licence.
The exemption ended on July 4 following MAS' rejection of the company's licence application.
AmazingTech was required to cease providing payment services, wind down its business in an orderly manner and ensure that all money and digital payment tokens received from its customers were returned.
In mid-July, MAS received several customer complaints against the company for delays in processing withdrawals of monies and digital payment tokens to customers.
MAS found indications that AmazingTech might have made false representations to MAS regarding the segregation of its customers' assets when the company applied for a Major Payment Institution licence.
MAS then referred AmazingTech to CAD for investigations.
Hong Qi Yu was a director of AmazingTech and charged with fraudulent trading, an offence which carries an imprisonment term not exceeding seven years, a fine or both.
Police investigations are ongoing.
On Aug 5, seven cryptocurrency investors applied to the High Court to place AmazingTech under interim judicial management to protect their investments, reported The Straits Times.
The investors are believed to have not been able to withdraw more than $4 million held by Tokenize Xchange.
