SINGAPORE: The High Court has granted the winding-up application of AmazingTech, the operator of defunct cryptocurrency trading platform Tokenize Xchange, after its interim judicial managers found that liquidation was the only practical way forward. 

Tokenize Xchange, a Singapore-based trading platform, made the news earlier this year after its sudden closure left users of the platform unable to withdraw their investments.

In mid-July, Tokenize Xchange announced it would cease its Singapore operations after failing to secure a digital payment token licence from the Monetary Authority of Singapore (MAS). It had been operating under a temporary exemption before that.

More bad news emerged on Aug 1 when the Singapore Police Force and the MAS said that AmazingTech and its related entities were under probe for potential offences, including fraudulent trading.

Hong Qi Yu, a director of AmazingTech and the founder and CEO of Tokenize Xchange, was charged on Jul 31 with fraudulent trading. His case is pending before the courts and will next be mentioned on Nov 13. 

On Aug 15, 2025, a group of seven investors succeeded in getting the High Court to have AmazingTech placed under interim judicial management.

Corporate advisory and restructuring firm KordaMentha's Mr Cameron Duncan, Mr David Kim and Mr Joshua Jeyaraj were appointed as interim judicial managers. They were directed to assess the prospects of the company and to submit a report detailing its findings.

Judicial management is a method of debt restructuring where an independent judicial manager is appointed to manage the affairs, business and property of a distressed company, according to SingaporeLegalAdvice.com. 

In its findings, the interim judicial managers proposed that AmazingTech be wound up.

They noted that the company was "heavily insolvent" with about S$267 million (US$207 million) in li...