Tokenize Exchange IJMs Update on 17 September 2025

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/09/17/tokenize-exchange-ijms-update-on-17-september-2025/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

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Today (17 September 2025) at 11:14am, I received another email from the Interim Judicial Managers (IJMs) of AmazingTech Ptd Ltd, the operator of Tokenize Exchange:

The IJMs from KordaMentha informed us, the Creditors of Tokenize Exchange, that there was another legal firm Dauntless Law Chambers had circulated email yesterday to certain creditors that they want to appoint liquidator who is friendly to them.

My understanding is that Dauntless represents another group of Tokenize Exchange customers and they were taking Class Action suit against AmazingTech (ATPL) and Hong Qi Yu (HQY), intending to go after the company and the CEO for recovery of their investment. They didn't take the IJM and JM route, but advised their clients at the outset to wind up ATPL instead.

With KordaMentha filed a liquidation application, Dauntless is concerned that KordaMentha is not a friendly party and would put their clients in disadvantage, so now they want to propose their own "friendly" liquidator.

I find this concept of friendly liquidator specific to certain group of creditors very strange. By right a liquidator should represent and protect the interests of all creditors, not favouring any creditor over another. Can't imagine any Court will appoint such a liquidator.

With 2 legal entities fighting to be liquidator, it would add legal cost and time to the whole process. It is detrimental to the saga. I would rather they cooperate and fight against a common enemy to achieve the common goal of recovering our investment.