Retirees Crushed as Influencer-Backed Crypto Scheme Implodes

Hundreds of investors — many retirees — are staring at financial devastation after following the advice of a high-profile financial influencer and putting their savings into cryptocurrencies linked to Tokenize Xchange.

The exchange’s CEO, Hong Qi Yu, is now facing charges of fraudulent trading in one of Singapore’s most high-profile crypto scandals to date.

More than 350 members of a long-running trading community were persuaded to invest after the influencer, known for his bestselling stock trading books and more than a decade in the financial education circuit, endorsed private crypto sales run in partnership with Hong since late 2024.

The deals weren’t small. Investors were told to commit a minimum of S$12,900 per round, with coins tied to Tokenize Xchange itself, a VR project token, and a trading system token. Many participants believed they were buying into a rare insider opportunity, promised yields through staking and reassured their funds were “safely handled” by Hong.

But that promise quickly unraveled. The Tokenize Xchange token is now worthless, and the other coins have collapsed by more than 99% in value.

MAS Slams Tokenize Parent Firm After License Rejection

When panic set in, the influencer refused to provide updates. Some desperate members began tracking transactions on-chain — only to discover that more than US$100 million had been siphoned into external wallets.

“This isn’t just numbers on a screen,” said one devastated victim. “This was life savings, retirement income, education funds, and even money for medical treatments. All gone.”

The shock has left the community reeling, with retirees and everyday investors now grappling with the fallout of what they describe as outright betrayal.

Mounting complaints prompted swift regulatory scrutiny. On Aug 1, Singapore’s Commercial Affairs Department (CAD) confirmed investigations into AmazingTech, the parent company of Tokenize Xchange.

The Monetary Authority of Singapore (MAS) revealed that AmazingTech had been operating under an exemption while applying for a Major Payment Institution (MPI) license. That application was rejected on July 4, 2025, after MAS uncovered troubling signs that the company had misrepresented how client assets were safeguarded.

As a result, AmazingTech was ordered to cease operations, return all funds, and unwind its business. But instead of timely repayments, customers reported weeks of withdrawal delays and stonewalling.

The crackdown culminated in fraudulent trading charges against Hong Qi Yu, who was both CEO of Tokenize Xchange and a director of AmazingTech. The offence carries a penalty of up to seven years in prison, a fine, or both. Police investigations remain ongoing.

Meanwhile, the influencer who fronted the sales — though not yet charged — faces mounting pressure from victims who accuse him of using his reputation and loyal following to lure them into the scheme.

Investors Push For Court Protection

In a last-ditch effort to salvage remaining funds, seven investors petitioned Singapore’s High Court on Aug 5 to place AmazingTech under interim judicial management. They hope the move will protect more than $4 million still frozen on the Tokenize platform.

The case is now shaping up to be a landmark in Singapore’s crypto crackdown — exposing how quickly trust can turn to betrayal in a market still plagued by weak oversight, hype-driven promotions, and influencer-fueled speculation.