Tokenize Exchange Liquidator Updates on 30 March 2026

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2026/03/31/tokenize-exchange-liquidator-updates-on-30-march-2026/

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

__

Yesterday (30 March 2026) I received an email update from KordaMentha (the Liquidators) at 6:30pm:

This email update simply informed us that they have published an Update Report and is available for download on their website.

Here is a summary of the Executive Summary in the 49-page Update Report:

• Since appointed as the Liquidators, they have investigated into Tokenize Exchange's (TX) affairs, taken custody of TX books and records amounting to more than 10 million hard and soft copy of documents and electronic data in excess of 5TB.
• The Liquidators have identified 5 Contemplated Claims involving actions for breaches of directors' duties; fraudulent trading; insolvent trading; transactions at an undervalue; and unfair preference. These claims have an estimated aggregate value in excess of SGD 250 million.
• The Liquidators anticipate further asset recoveries could be used to fund investigations, but the process is going to be lengthy over the course of 2026 or even 2027 and the amount is not sufficient to carry out further investigations.
• The Liquidators is suggesting a two-pronged approach: to continue asset recoveries which will fund investigations; and to seek creditors' funding for further investigations to pursue the Contemplated Claims.
• Creditors who wish to consider providing funding may execute a NDA to access the Liquidators' Investigation Memo and, if they wish, to submit a funding proposal for the Liquidators' consideration.
• Without creditor funding, the Liquidators are constrained to focus efforts only on asset recoveries, instead of active investigations.
• Meanwhile, the Liquidators to continue efforts in realizing potential incoming sources of funds and seek funding to pursue Contemplated Claims.

The main bulk of the report provide more detailed information on:

• The background and business model of Tokenize Exchange
• Key milestones and sequence of events leading to its insolvency
• Work undertaken by the Liquidators to identify the assets and liabilities of Tokenize Exchange, prospective asset recoveries, actions carried out so far, and the costs incurred to-date
• Progress of investigations and preliminary findings and further work necessary
• The main thing that requires creditors' attention is that the Liquidators are seeking funding for further investigations to pursue the Contemplated Claims

The appendices consist of the following:

• NDA to access Liquidators' information, which requires a SGD500 payment for Indemnity
• Receipts and Payments by the Liquidators
• Statement of Affairs (assets and liabilities) submitted by Hong Qi Yu (CEO and sole director of Tokenize Exchange) to the Liquidators' office
• Tokenize Group organization structure
• Cost schedules (budgets) incurred by the Liquidators

I need to understand enough of the information in the report, think about what it means and implies for me before I decide on my next moves.