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FollowingGood news for victims: The founder of a cryptocurrency exchange faces judicial accountability in the United States and New Zealand
This week, the victim community in the cryptocurrency field has welcomed a piece of good news. Alexander Sisemore, founder of Kishu Inu, and Hong Qi Yu, founder of Tokenize Xchange, face legal action in the United States and Singapore respectively. Sisemore was charged with playing a key role in a US$9 million fraud case involving its exchange users; meanwhile, a Singapore court froze Hong Qi Yu's assets worth SG$53 million.
However, these legal procedures do not mean that the victim will be able to recover the damage. In both cases, recoverable funds only accounted for a very small portion of the total loss, and for every dollar lost by the victim, he may end up recovering only a few cents.
A Chicago court sued Kishu Inu creator for $9 million in "withdrawal" fraud.
The U.S. Attorney's Office for the Northern District of Illinois disclosed on October 7 that Sisemore, 28, from Fayetteville, Arkansas, faces three charges of wire fraud. Sisemore also uses aliases such as "Kishu man" and "Kimbo" on the Internet. If convicted, he can be sentenced to up to 20 years in prison on each charge. As of the release of this report, the court has not yet set a date for his first appearance in court.
Sisemore's legal troubles stem from the launch of Kishu Inu on the Ethereum network in April 2021. Prosecutors allege that the creator of the project failed to fully disclose the supply it held to approximately 283,000 token holders, when the project's market value peaked at more than $1.6 billion.
根据美国司法部发布的起诉书，尽管Sisemore及其同伙曾公开声称项目团队不持有任何代币分配，但他们却在公开市场上秘密抛售了所持有的Kishu Inu代币。检方还指出，可能存在一个后门机制，允许创建者铸造额外的代币。
据报道，虽然他们公开宣称仅持有1.7%的代币份额，但在任何公开销售之前，与Sisemore及另一位被标识为“A个人”的第二位创始人相关的钱包，实际上各持有了约6%的Kishu Inu供应量。
司法部检察官引用了一笔交易记录：2021年10月27日，约有4.74万亿枚Kishu Inu代币被抛售，换得39,308 USDT。
目前，FBI芝加哥分局正在呼吁Kishu Inu交易的投资者主动现身，以便统计此次欺诈造成的具体损失金额。
新加坡冻结Tokenize Xchange创始人的资产
新加坡高等法院已扣押与前AmazingTech首席执行官Hong Qi Yu相关的近5300万新币资产。AmazingTech是运营已崩盘的Tokenize Xchange的公司。这项马瑞瓦禁令（Mareva injunction）还将Hong Qi Yu的前妻Erin Koo Kee Hoon列为被告，这是一项限制案件被告转移或出售指定资产的法院命令。
Koo, who previously held the position of chief operating officer at AmazingTech, said when she denied wrongdoing that the position was only a nominal position. The amount of funds is consistent with amounts claimed by 249 former Tokenize customers in a lawsuit that alleges misrepresentation and conspiracy. Hong and Koo, both 36 years old, tried unsuccessfully to lift the ban at a September 28 hearing presided over by Judge Mohamed Faizal.
This is the latest development in the case. The case began in November 2025 when 272 plaintiffs sought compensation of SG$60.5 million, and 23 of them subsequently withdrew their lawsuits. Hong was charged with engaging in fraudulent transactions on July 31, 2025, and AmazingTech was subsequently ordered to be liquidated by the court. At present, all allegations have not been confirmed.
Most of the lost money can no longer be recovered
The biggest frustration faced by victims is that the money they lost in both cases far exceeded the amount that the authorities could recover.
The court-appointed interim judicial administrator found that AmazingTech owed Tokenize users approximately US$205.34 million, but its realizable assets were only approximately US$2 million, less than 1% of the total debt.
Suresh Divyanathan, a lawyer representing the plaintiffs, told the Business Times that his clients were "furious" after learning that the remaining funds were so meagre, and some of them even "lost their entire life savings."
