Verify a decision

{"actor":"system:backfill","investigation_id":"dccd7a86-5d66-42a6-a2ac-8691304b3960","kind":"publish","page_slug":"torque-trading","published_at":"2026-05-30T13:00:15.312Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Torque Trading","sections":[{"content":"","heading":"Business Model and Scheme Structure","severity":"critical","sources":[{"credibility":2,"name":"Torque Trading Systems Review: TORQ token Ponzi points — BehindMLM","type":"research","url":"https://behindmlm.com/mlm-reviews/torque-trading-systems-review-torq-token-ponzi-points/"},{"credibility":2,"name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"credibility":2,"name":"What Happened to Torque Crypto? — InstantLoan SG","type":"news_article","url":"https://www.instantloan.sg/torque-crypto/"}]},{"content":"","heading":"Collapse and Exit-Scam Allegations","severity":"critical","sources":[{"credibility":2,"name":"Torque Trading collapses, pulls 'bad trades' exit-scam — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/"},{"credibility":2,"name":"Torque Trading CEO bought $664,000 car just before collapse — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-ceo-bought-664000-car-just-before-collapse/"},{"credibility":2,"name":"Torque Trading CFO disappears, cops collapse blame — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-cfo-disappears-cops-collapse-blame/"},{"credibility":2,"name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"}]},{"content":"","heading":"Scale of Losses and Investor Impact","severity":"critical","sources":[{"credibility":2,"name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/"},{"credibility":2,"name":"Singaporean-run trading platform Torque faces at least 70 police reports — The Independent SG","type":"news_article","url":"https://theindependent.sg/singaporean-run-trading-platform-torque-faces-at-least-70-police-reports/"},{"credibility":2,"name":"Singaporean Torque Traders Drop Life Savings — TechTimes","type":"news_article","url":"https://www.techtimes.com/articles/258767/20210405/singaporean-torque-traders-drop-life-savings-crypto-employee-creates-unathorized.htm"},{"credibility":2,"name":"Torque probe continues, investors worried — The Independent SG","type":"news_article","url":"https://theindependent.sg/torque-probe-continues-investors-worried/"}]},{"content":"","heading":"Civil Litigation Against Bernard Ong","severity":"critical","sources":[{"credibility":2,"name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"credibility":2,"name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/"},{"credibility":1,"name":"$12m suit against Torque founder, fintech firm dismissed — The Straits Times (via Magzter)","type":"news_article","url":"https://www.magzter.com/en/stories/newspaper/The-Straits-Times/12M-SUIT-AGAINST-TORQUE-FOUNDER-FINTECH-FIRM-DISMISSED"},{"credibility":1,"name":"[2024] SGHC 200 — Singapore High Court judgment (elitigation.sg)","type":"court_filing","url":"https://www.elitigation.sg/gd/s/2024_SGHC_200"}]},{"content":"","heading":"Regulatory and Licensing Status","severity":"high","sources":[{"credibility":1,"name":"MAS Enforcement Actions register","type":"regulatory","url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions"},{"credibility":2,"name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"credibility":2,"name":"Torque Trading exit-scam relies on inaction by Singapore police — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-exit-scam-relies-on-inaction-by-singapore-police/"}]},{"content":"","heading":"Connected Entities: Snap Innovations and RoboFi","severity":"high","sources":[{"credibility":2,"name":"RoboFi: Snap Innovations Torque Trading scammers return — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/robofi-snap-innovations-torque-trading-scammers-return/"},{"credibility":2,"name":"Snap Innovations seeks distance from Torque Trading Ponzi — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/snap-innovations-seeks-distance-from-torque-trading-ponzi/"},{"credibility":1,"name":"[2024] SGHC 200 — Singapore High Court judgment (elitigation.sg)","type":"court_filing","url":"https://www.elitigation.sg/gd/s/2024_SGHC_200"}]},{"content":"","heading":"Creditor Recovery Prospects","severity":"high","sources":[{"credibility":1,"name":"Torque 4th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-4th-circular-to-creditors-ot.pdf"},{"credibility":1,"name":"Torque 7th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-7th-circular-creditors.pdf"},{"credibility":2,"name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/"},{"credibility":2,"name":"S'porean-Run Crypto Trading Company Faces at Least 70 Police Reports — Goody Feed","type":"news_article","url":"https://goodyfeed.com/torque-crypto-trading-millions-lost/"}]}],"sources_used":[{"credibility":2,"name":"Torque Trading collapses, pulls 'bad trades' exit-scam — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-collapses-pulls-bad-trades-exit-scam/"},{"credibility":2,"name":"Torque Trading CEO bought $664,000 car just before collapse — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-ceo-bought-664000-car-just-before-collapse/"},{"credibility":2,"name":"Torque Trading CFO disappears, cops collapse blame — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-cfo-disappears-cops-collapse-blame/"},{"credibility":2,"name":"Torque Trading exit-scam relies on inaction by Singapore police — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-trading-exit-scam-relies-on-inaction-by-singapore-policy/"},{"credibility":2,"name":"Torque Trading's Bernard Ong sued by Ponzi's liquidators — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/torque-tradings-bernard-ong-sued-by-ponzis-liquidators/"},{"credibility":2,"name":"Torque Trading Systems Review: TORQ token Ponzi points — BehindMLM","type":"research","url":"https://behindmlm.com/mlm-reviews/torque-trading-systems-review-torq-token-ponzi-points/"},{"credibility":2,"name":"RoboFi: Snap Innovations Torque Trading scammers return — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/robofi-snap-innovations-torque-trading-scammers-return/"},{"credibility":2,"name":"Snap Innovations seeks distance from Torque Trading Ponzi — BehindMLM","type":"news_article","url":"https://behindmlm.com/companies/snap-innovations-seeks-distance-from-torque-trading-ponzi/"},{"credibility":2,"name":"Singaporean-run trading platform Torque faces at least 70 police reports — The Independent SG","type":"news_article","url":"https://theindependent.sg/singaporean-run-trading-platform-torque-faces-at-least-70-police-reports/"},{"credibility":2,"name":"Torque probe continues, investors worried — The Independent SG","type":"news_article","url":"https://theindependent.sg/torque-probe-continues-investors-worried/"},{"credibility":2,"name":"Singaporean Torque Traders Drop Life Savings — TechTimes","type":"news_article","url":"https://www.techtimes.com/articles/258767/20210405/singaporean-torque-traders-drop-life-savings-crypto-employee-creates-unathorized.htm"},{"credibility":2,"name":"S'porean-Run Crypto Trading Company Faces at Least 70 Police Reports — Goody Feed","type":"news_article","url":"https://goodyfeed.com/torque-crypto-trading-millions-lost/"},{"credibility":2,"name":"Singaporean founder of crypto-trading platform Torque sued by liquidators — CoinLive","type":"news_article","url":"https://www.coinlive.com/news/singaporean-founder-of-crypto-trading-platform-torque-sued"},{"credibility":2,"name":"What Happened to Torque Crypto? — InstantLoan SG","type":"news_article","url":"https://www.instantloan.sg/torque-crypto/"},{"credibility":1,"name":"$12m suit against Torque founder, fintech firm dismissed — The Straits Times (via Magzter)","type":"news_article","url":"https://www.magzter.com/en/stories/newspaper/The-Straits-Times/12M-SUIT-AGAINST-TORQUE-FOUNDER-FINTECH-FIRM-DISMISSED"},{"credibility":1,"name":"[2024] SGHC 200 — Singapore High Court General Division","type":"court_filing","url":"https://www.elitigation.sg/gd/s/2024_SGHC_200"},{"credibility":1,"name":"Torque 4th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-4th-circular-to-creditors-ot.pdf"},{"credibility":1,"name":"Torque 7th Circular to Creditors — Borrelli Walsh / Kroll","type":"official","url":"https://www.kroll.com/-/media/kroll/pdfs/borrelli-walsh/torque-7th-circular-creditors.pdf"},{"credibility":1,"name":"MAS Enforcement Actions register","type":"regulatory","url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions"},{"credibility":2,"name":"Singapore Law Watch — Torque liquidators suit headline","type":"news_article","url":"https://www.singaporelawwatch.sg/Headlines/singaporean-founder-of-crypto-trading-platform-torque-sued-by-liquidators"}],"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.","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":"2019-11-01","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":"2020-12-01","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":"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":"2021-04-01","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":"2022-12-01","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":"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"}]},"v":1}