{"investigation":{"slug":"torque-trading","entity_name":"Torque Trading","trust_score":2,"severity_base":null,"score_modifier":0,"confidence":0.88,"status":"published","content_type":"investigation","summary":"Torque Trading Systems (trading as Torque Group Holdings Limited) was a Singapore-founded, British Virgin Islands-incorporated cryptocurrency trading platform that operated from 2019 until its collapse in February 2021. The platform promised daily returns of 0.15–0.45% through alleged AI-driven algorithmic trading and operated a multi-level marketing referral structure, characteristics widely identified by analysts as consistent with a Ponzi scheme. At collapse, creditor claims totalled approximately US$325 million while liquidators could recover only around US$9.1 million in assets; founder Bernard Ong Hock Fong was subsequently sued by liquidators in Singapore's High Court for allegedly misappropriating US$25.3 million in Bitcoin.","sections":[{"content":"Torque Trading was incorporated on 23 October 2019 in the British Virgin Islands and marketed as an algorithmic cryptocurrency trading platform accessible via the torque.asia website and mobile applications. Affiliates were required to deposit a minimum of 1 ETH, 0.02 BTC, or 250 USDT in exchange for advertised daily returns of 0.15% to 0.45%. Critically, returns were denominated in TORQ, a proprietary token with no external market or tradeable exchange listing, meaning investors could not independently verify the value of their holdings. The platform operated a multi-level marketing (MLM) unilevel compensation structure: affiliates earned a 33% referral commission on level-one recruits, declining to 16% on levels two through three, 10% on levels four and five, and 6% on levels six and seven, with higher tiers unlocked by recruiting additional 'Market Leaders'. Critics and multiple MLM-analysis outlets identified the structure from launch as consistent with a Ponzi scheme, in which returns to existing investors are funded by new investor deposits rather than genuine trading profits. Liquidators appointed after the collapse found no credible evidence of the promised automated trading activities, and discovered that the primary trading account — held on Binance under a Vietnamese employee's name — never held more than US$18.7 million at any point, a fraction of the total US$205.9 million in customer deposits the platform received.","heading":"Business Model and Scheme Structure","sources":[{"url":"https://behindmlm.com/mlm-reviews/torque-trading-systems-review-torq-token-ponzi-points/","name":"Torque Trading Systems Review: TORQ token Ponzi points — BehindMLM","type":"research","credibility":2},{"url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued","name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","credibility":2},{"url":"https://www.instantloan.sg/torque-crypto/","name":"What Happened to Torque Crypto? — InstantLoan SG","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On 9 February 2021, Torque abruptly disabled daily return payouts and CEO Bernard Ong announced 'significant trading losses' attributed to a single employee who had allegedly placed unauthorized leveraged trades in violation of internal rules. On 11 February 2021, Ong informed affiliates to expect a 90% reduction to their back-office balances. On 19 February 2021, Ong publicly named Wu Zhongyi (alias Zee), described as the company's Chief Technology Officer and a Singapore citizen ordinarily resident in Vietnam, as the responsible party. Wu had been unreachable since 8 February 2021 and was subsequently declared bankrupt in BVI proceedings in December 2022 alongside another Vietnam-based associate, Fong Chee Kiong. Critics and the BehindMLM investigative outlet characterised the 'rogue employee' narrative as a standard exit-scam deflection strategy, noting that the 72 BTC allegedly taken by Wu was insufficient to account for the scale of losses, that daily returns had continued to be advertised throughout the alleged loss period, and that CEO Ong had purchased a McLaren 600LT sports car — priced at approximately S$664,000 locally — in late 2020, shortly before the announced collapse. On 26 February 2021, Torque applied for voluntary liquidation in the British Virgin Islands; BVI courts granted the winding-up order on 18 March 2021, with Philip Smith and Jason Kardachi of Borrelli Walsh appointed as joint provisional liquidators.","heading":"Collapse and Exit-Scam Allegations","sources":[{"url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/","name":"Torque Trading collapses, pulls 'bad trades' exit-scam — BehindMLM","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/torque-trading-ceo-bought-664000-car-just-before-collapse/","name":"Torque Trading CEO bought $664,000 car just before collapse — BehindMLM","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/torque-trading-cfo-disappears-cops-collapse-blame/","name":"Torque Trading CFO disappears, cops collapse blame — BehindMLM","type":"news_article","credibility":2},{"url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued","name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","credibility":2}],"severity":"critical"},{"content":"As of 2 March 2021, the Borrelli Walsh provisional liquidators estimated total creditor claims at approximately US$325 million (approximately S$436 million). Approximately 2,577 Singapore-based customers held 41,416 accounts on the platform, with their deposits representing roughly US$137 million of the total. At winding-up on 18 March 2021, crypto assets under liquidator control were worth approximately US$9.1 million (approximately S$12 million), representing a recovery rate of less than 3 cents per dollar of claimed losses. By the liquidators' own early estimates, creditors could expect a return of between 1.5 and 3 cents in the dollar. Reports from April 2021 documented individual investors losing life savings of up to S$1 million. As of April 2021, approximately 115 police reports had been filed with Singapore Police Force against Torque and Bernard Ong, with about one-third submitted by foreign investors via Singapore's online I-Witness reporting platform. The Borrelli Walsh liquidators subsequently determined that Torque's financial and trading records were so deficient as to render the remaining missing customer deposits — the majority of the US$205.9 million total intake — untraceable and unrecoverable.","heading":"Scale of Losses and Investor Impact","sources":[{"url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/","name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","credibility":2},{"url":"https://theindependent.sg/singaporean-run-trading-platform-torque-faces-at-least-70-police-reports/","name":"Singaporean-run trading platform Torque faces at least 70 police reports — The Independent SG","type":"news_article","credibility":2},{"url":"https://www.techtimes.com/articles/258767/20210405/singaporean-torque-traders-drop-life-savings-crypto-employee-creates-unathorized.htm","name":"Singaporean Torque Traders Drop Life Savings — TechTimes","type":"news_article","credibility":2},{"url":"https://theindependent.sg/torque-probe-continues-investors-worried/","name":"Torque probe continues, investors worried — The Independent SG","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On 5 May 2023, the Borrelli Walsh liquidators — represented by attorney Yam Wern-Jhien of Setia Law — filed a civil suit against Bernard Ong Hock Fong in Singapore's High Court. The liquidators alleged that Ong, as sole director and chief executive of Torque Group Holdings, had failed in his fiduciary and statutory duties, that Torque under his oversight 'operated in an utterly shambolic manner' and 'did not have even the most basic forms of corporate governance or financial controls in place,' and that Ong had made unauthorized personal withdrawals of 71.0273 BTC (valued at approximately US$25.3 million at the time of the suit) to fifteen cryptocurrency wallet addresses belonging to himself. The suit sought recovery of these funds alongside broader damages for losses totalling the US$205.9 million in customer deposits the platform had received between 2019 and March 2021. Ong filed an intention to contest the lawsuit. A separate 2024 High Court case ([2024] SGHC 200, judgment delivered 2 August 2024) involved a claim by a Greek investor, Georgios Baizanis, against Snap Innovations Pte Ltd and Bernard Ong seeking recovery of approximately US$9 million; the court dismissed this suit, finding the plaintiff had not sufficiently proved the authenticity of a service agreement that allegedly obligated Snap Innovations to replace stolen digital assets, and that Ong lacked authority to bind Snap Innovations to such commitments. As of available public records through mid-2025, no criminal charges had been filed by Singapore police against Bernard Ong in relation to the Torque collapse, despite over 100 police reports lodged by investors.","heading":"Civil Litigation Against Bernard Ong","sources":[{"url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued","name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/","name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","credibility":2},{"url":"https://www.magzter.com/en/stories/newspaper/The-Straits-Times/12M-SUIT-AGAINST-TORQUE-FOUNDER-FINTECH-FIRM-DISMISSED","name":"$12m suit against Torque founder, fintech firm dismissed — The Straits Times (via Magzter)","type":"news_article","credibility":1},{"url":"https://www.elitigation.sg/gd/s/2024_SGHC_200","name":"[2024] SGHC 200 — Singapore High Court judgment (elitigation.sg)","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"Torque Group Holdings was incorporated in the British Virgin Islands and never held a license or exemption from the Monetary Authority of Singapore (MAS) to operate a regulated financial service. Liquidators' investigation confirmed the platform took custody of US$205.9 million in customer cryptocurrency deposits without the requisite regulatory authorizations. The scheme operated outside Singapore's formal regulatory perimeter, which at the time of its launch in 2019 did not yet require digital asset trading platforms to obtain a license under the Payment Services Act 2019 (which came into full effect in January 2020). MAS did not take direct enforcement action against Torque or Bernard Ong in connection with the collapse, and no MAS enforcement action against Torque is listed in the authority's published enforcement actions register. The absence of regulatory oversight was identified by the Borrelli Walsh liquidators as a contributing factor to the 'utterly shambolic' state of Torque's financial record-keeping and governance.","heading":"Regulatory and Licensing Status","sources":[{"url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions","name":"MAS Enforcement Actions register","type":"regulatory","credibility":1},{"url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued","name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/torque-trading-exit-scam-relies-on-inaction-by-singapore-police/","name":"Torque Trading exit-scam relies on inaction by Singapore police — BehindMLM","type":"news_article","credibility":2}],"severity":"high"},{"content":"Torque Trading was developed and launched under the umbrella of Snap Innovations Pte Ltd, a Singapore-registered technology company owned by Dr Ting Shang Ping. Bernard Ong held the title of Managing Director at Snap Innovations, though he was not registered as a director with Singapore's Accounting and Corporate Regulatory Authority (ACRA). Following Torque's collapse, Snap Innovations publicly sought to distance itself from the scheme. Investigative reporting by BehindMLM identified Snap Innovations as having been associated with at least one prior Ponzi-adjacent product, Cloud Token. By 2022–2023, Ting Shang Ping and Snap Innovations were alleged by the same source to have launched RoboFi, a new platform using an 'Initial Bot Offering' (IBO) model in which investors purchase cryptocurrency trading bots, which critics characterised as a continuation of the same promotional and financial structure used in Torque. Bernard Ong's involvement in RoboFi has not been independently confirmed through Tier 1 or Tier 2 sources.","heading":"Connected Entities: Snap Innovations and RoboFi","sources":[{"url":"https://behindmlm.com/companies/robofi-snap-innovations-torque-trading-scammers-return/","name":"RoboFi: Snap Innovations Torque Trading scammers return — BehindMLM","type":"news_article","credibility":2},{"url":"https://behindmlm.com/companies/snap-innovations-seeks-distance-from-torque-trading-ponzi/","name":"Snap Innovations seeks distance from Torque Trading Ponzi — BehindMLM","type":"news_article","credibility":2},{"url":"https://www.elitigation.sg/gd/s/2024_SGHC_200","name":"[2024] SGHC 200 — Singapore High Court judgment (elitigation.sg)","type":"court_filing","credibility":1}],"severity":"high"},{"content":"As of the Borrelli Walsh fourth creditor circular, the liquidators held approximately US$13.7 million in identifiable crypto assets, yielding an estimated indicative return to creditors of between 1.5 and 3 cents per dollar of claims — against total filed claims of approximately US$325 million. The majority of missing customer deposits proved untraceable due to the near-complete absence of financial controls and record-keeping during Torque's operation. Two Vietnam-based associates, Wu Zhongyi and Fong Chee Kiong, were declared bankrupt in BVI proceedings in December 2022, but no material asset recovery from them has been publicly documented. The civil suit filed in May 2023 against Bernard Ong seeking recovery of the US$25.3 million in allegedly misappropriated Bitcoin remained contested as of available records. The liquidation process was expected to take at minimum 12 to 18 months from March 2021, and Borrelli Walsh (subsequently integrated into Kroll) continued to issue creditor circulars through at least June 2022. No information has emerged publicly indicating a meaningful distribution to the approximately 14,000 creditors.","heading":"Creditor Recovery Prospects","sources":[{"url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-4th-circular-to-creditors-ot.pdf","name":"Torque 4th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","credibility":1},{"url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-7th-circular-creditors.pdf","name":"Torque 7th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","credibility":1},{"url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/","name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","credibility":2},{"url":"https://goodyfeed.com/torque-crypto-trading-millions-lost/","name":"S'porean-Run Crypto Trading Company Faces at Least 70 Police Reports — Goody Feed","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2019-10-23","event":"Torque Group Holdings Limited incorporated in the British Virgin Islands by Bernard Ong Hock Fong.","source":"CoinLive / Borrelli Walsh liquidator filing","source_url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"date":"2019-11","event":"Torque Trading platform launches, offering 0.15–0.45% daily returns and an MLM referral compensation structure; TORQ token introduced as the denomination for returns.","source":"BehindMLM Torque Trading Systems Review","source_url":"https://behindmlm.com/mlm-reviews/torque-trading-systems-review-torq-token-ponzi-points/","date_original":"2019-11-01"},{"date":"2020-12","event":"Bernard Ong allegedly purchases a McLaren 600LT sports car for approximately S$664,000, documented on his Instagram account shortly before the platform's collapse.","source":"BehindMLM — Torque Trading CEO bought $664,000 car just before collapse","source_url":"https://behindmlm.com/companies/torque-trading-ceo-bought-664000-car-just-before-collapse/","date_original":"2020-12-01"},{"date":"2021-02-08","event":"Last known communication from Wu Zhongyi (alias Zee), Torque's CTO; Wu subsequently goes missing.","source":"The Independent SG — Torque probe continues, investors worried","source_url":"https://theindependent.sg/torque-probe-continues-investors-worried/"},{"date":"2021-02-09","event":"Torque disables daily return payouts; CEO Bernard Ong announces significant trading losses attributed to unauthorized leveraged trades by an employee.","source":"BehindMLM — Torque Trading collapses","source_url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/"},{"date":"2021-02-11","event":"Bernard Ong informs affiliates to expect a 90% reduction in back-office balances.","source":"BehindMLM — Torque Trading collapses","source_url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/"},{"date":"2021-02-14","event":"Bernard Ong files a police report against Wu Zhongyi for alleged unauthorized trading and dishonest conduct.","source":"The Independent SG — Torque faces at least 70 police reports","source_url":"https://theindependent.sg/singaporean-run-trading-platform-torque-faces-at-least-70-police-reports/"},{"date":"2021-02-19","event":"Ong publicly names Wu Zhongyi as the employee responsible for the platform's losses during a live session.","source":"BehindMLM — Torque Trading CFO disappears","source_url":"https://behindmlm.com/companies/torque-trading-cfo-disappears-cops-collapse-blame/"},{"date":"2021-02-26","event":"Torque Group Holdings files for voluntary liquidation in the British Virgin Islands.","source":"BehindMLM — Torque Trading collapses","source_url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/"},{"date":"2021-03-02","event":"Borrelli Walsh provisional liquidators estimate total creditor claims at approximately US$325 million, with crypto assets under control worth approximately US$9.1 million.","source":"Torque 4th Circular to Creditors — Borrelli Walsh / Kroll","source_url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-4th-circular-to-creditors-ot.pdf"},{"date":"2021-03-18","event":"BVI courts grant winding-up order; Philip Smith and Jason Kardachi of Borrelli Walsh formally appointed as joint liquidators of Torque Group Holdings.","source":"CoinLive — Torque sued by liquidators","source_url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"date":"2021-04","event":"Approximately 115 police reports filed against Torque and Bernard Ong with Singapore Police Force; investigations confirmed as ongoing.","source":"TechTimes — Singaporean Torque Traders Drop Life Savings","source_url":"https://www.techtimes.com/articles/258767/20210405/singaporean-torque-traders-drop-life-savings-crypto-employee-creates-unathorized.htm","date_original":"2021-04-01"},{"date":"2022-12","event":"Wu Zhongyi and Fong Chee Kiong declared bankrupt in BVI liquidation proceedings.","source":"CoinLive — Torque sued by liquidators","source_url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued","date_original":"2022-12-01"},{"date":"2023-05-05","event":"Borrelli Walsh liquidators file civil suit against Bernard Ong Hock Fong in Singapore High Court, seeking recovery of US$205.9 million in customer deposits and alleging Ong misappropriated 71.0273 BTC (approx. US$25.3 million).","source":"CoinLive — Torque sued by liquidators","source_url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"date":"2024-08-02","event":"Singapore High Court delivers judgment [2024] SGHC 200, dismissing a separate US$9 million claim by a Greek investor against Snap Innovations and Bernard Ong; court finds plaintiff did not prove authenticity of a key service agreement.","source":"Singapore High Court — [2024] SGHC 200 (elitigation.sg)","source_url":"https://www.elitigation.sg/gd/s/2024_SGHC_200"}],"sources_used":[{"url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/","name":"Torque Trading collapses, pulls 'bad trades' exit-scam — 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SG","type":"news_article","archive_url":"https://web.archive.org/web/20260726221528/https://theindependent.sg/singaporean-run-trading-platform-torque-faces-at-least-70-police-reports/","credibility":2,"archive_timestamp":"2026-07-26T22:15:28+00:00"},{"url":"https://theindependent.sg/torque-probe-continues-investors-worried/","name":"Torque probe continues, investors worried — The Independent SG","type":"news_article","archive_url":"https://web.archive.org/web/20260726034730/https://theindependent.sg/torque-probe-continues-investors-worried/","credibility":2,"archive_timestamp":"2026-07-26T03:47:30+00:00"},{"url":"https://www.techtimes.com/articles/258767/20210405/singaporean-torque-traders-drop-life-savings-crypto-employee-creates-unathorized.htm","name":"Singaporean Torque Traders Drop Life Savings — 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