Torque Trading
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.
Connected Entities
1 entities · 7 linked investigations- + 5 more
Timeline(15 events)
2019-10-23
Torque Group Holdings Limited incorporated in the British Virgin Islands by Bernard Ong Hock Fong.
CoinLive / Borrelli Walsh liquidator filing2019-11-01
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.
BehindMLM Torque Trading Systems Review2020-12-01
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.
BehindMLM — Torque Trading CEO bought $664,000 car just before collapse2021-02-08
Last known communication from Wu Zhongyi (alias Zee), Torque's CTO; Wu subsequently goes missing.
The Independent SG — Torque probe continues, investors worried2021-02-09
Torque disables daily return payouts; CEO Bernard Ong announces significant trading losses attributed to unauthorized leveraged trades by an employee.
BehindMLM — Torque Trading collapses2021-02-11
Bernard Ong informs affiliates to expect a 90% reduction in back-office balances.
BehindMLM — Torque Trading collapses2021-02-14
Bernard Ong files a police report against Wu Zhongyi for alleged unauthorized trading and dishonest conduct.
The Independent SG — Torque faces at least 70 police reports2021-02-19
Ong publicly names Wu Zhongyi as the employee responsible for the platform's losses during a live session.
BehindMLM — Torque Trading CFO disappears2021-02-26
Torque Group Holdings files for voluntary liquidation in the British Virgin Islands.
BehindMLM — Torque Trading collapses2021-03-02
Borrelli Walsh provisional liquidators estimate total creditor claims at approximately US$325 million, with crypto assets under control worth approximately US$9.1 million.
Torque 4th Circular to Creditors — Borrelli Walsh / Kroll2021-03-18
BVI courts grant winding-up order; Philip Smith and Jason Kardachi of Borrelli Walsh formally appointed as joint liquidators of Torque Group Holdings.
CoinLive — Torque sued by liquidators2021-04-01
Approximately 115 police reports filed against Torque and Bernard Ong with Singapore Police Force; investigations confirmed as ongoing.
TechTimes — Singaporean Torque Traders Drop Life Savings2022-12-01
Wu Zhongyi and Fong Chee Kiong declared bankrupt in BVI liquidation proceedings.
CoinLive — Torque sued by liquidators2023-05-05
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).
CoinLive — Torque sued by liquidators2024-08-02
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.
Singapore High Court — [2024] SGHC 200 (elitigation.sg)Decision Log
- hash: BaPQpLDWZdgRhavcLVS6Ap77UeXGcJKchxxWvp3fKZfV
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-5
generated: 5/30/2026, 1:00:10 PM
last updated: 5/30/2026, 1:00:15 PM
avoid.net — verified advice for a post-truth world