The Torque Trading Ponzi scheme has collapsed.
Daily returns have been disabled, with Bernard Ong blaming the collapse on an employee.
In an email sent out to Torque Trading investors, Bernard Ong claims that the company
discovered significant trading losses against Torque’s open positions with crypto exchanges.
It appears that one of our employees has placed heavily leveraged trades, in violation of our internal rules.
Why would an employee with no skin the game do this?
They wouldn’t.
Torque Trading was a Ponzi scheme since launch. Trading or otherwise, returns have always been paid with new investment.
A visit to Torque Trading’s website reveals website traffic fell off a cliff in late January.
For an MLM Ponzi scheme, this brings forward the inevitable collapse. Bing-badda-boom, here we are.
In line with suspension of all trading activity pending this investigation, we have suspended all wallet functionality (deposits, rewards, withdrawals, reallocation) until further notice.
With withdrawals disabled, Torque Trading will now enter the “stall while we make off with your money” phase of the exit-scam.
We are doing everything we can to conclude the investigations in the coming days.
When your wallet functionality is restored, you can expect a significant decrease in your Torque wallet balance to reflect the trading losses.
At this point, you will have two options:
- Withdraw your remaining balance and close your Torque account; or
- Maintain your balance and we will resume trading upon this balance. If you choose this option there is no action required on your part.
Ponzi schemes like Torque Trading are a zero-sum equation. What’s withdrawn is stolen, and at any given time the majority of investors are at a loss.
If Torque Trading does re-enable access to the backoffice, as above the monopoly money balances will be reduced.
This has nothing to do with trading, it’s just redistribution of whatever’s left of invested funds to pay out.
What’s left after Ong, other Torque Trading admins and top promoters have withdrawn before rank and file affiliate investors.
Sorry for your loss.
Updates
May 3, 2021
The volume of reports coming in has provided the necessary leverage to approach regulatory authorities. I am currently finalizing a formal briefing document to present to the investment fraud unit.
42 Comments
Our life savings, retirement funds, kid education fund all got swallowed overnight. God hv mercy.
We, 14,000 victims, don't want to be outdone by their trick, which is only 15 Torque management. Their negligence must be held accountable for them until whenever !!!
The claim by the CEO Bernard Ong that the lost is due to the CTO leverage trading lost is a common exit scam tactic. There is no show of evident of the trading lost instead Bernard promptly liquidated the Torque trading and got away without anymore involvement in Torque.
Unbelievable how they ripped me off of my whole savings during these pandemic tough times. And I lost my job too.
Major scam. Bernard used our money to buy a fancy car and probably paid for his wedding meanwhile screws 14,000 investors who had faith in him. Nothing but a dirty con!
Torque give back my money...!!
I want to get my money back!
Sign Petition
We never post to your account. Social sign-in is used only to verify your signature.
Add a comment?
Your signature will be added via . Tell others why you're signing — it's optional.
By signing, you accept our Terms and Privacy Policy and agree to occasional emails about petitions. Unsubscribe anytime.
Share this petition
Share this petition to help it reach more people.
Your share link
The Torque Trading Ponzi scheme has collapsed.
Daily returns have been disabled, with Bernard Ong blaming the collapse on an employee.
In an email sent out to Torque Trading investors, Bernard Ong claims that the company
discovered significant trading losses against Torque’s open positions with crypto exchanges.
It appears that one of our employees has placed heavily leveraged trades, in violation of our internal rules.
Why would an employee with no skin the game do this?
They wouldn’t.
Torque Trading was a Ponzi scheme since launch. Trading or otherwise, returns have always been paid with new investment.
A visit to Torque Trading’s website reveals website traffic fell off a cliff in late January.
For an MLM Ponzi scheme, this brings forward the inevitable collapse. Bing-badda-boom, here we are.
In line with suspension of all trading activity pending this investigation, we have suspended all wallet functionality (deposits, rewards, withdrawals, reallocation) until further notice.
With withdrawals disabled, Torque Trading will now enter the “stall while we make off with your money” phase of the exit-scam.
We are doing everything we can to conclude the investigations in the coming days.
When your wallet functionality is restored, you can expect a significant decrease in your Torque wallet balance to reflect the trading losses.
At this point, you will have two options:
- Withdraw your remaining balance and close your Torque account; or
- Maintain your balance and we will resume trading upon this balance. If you choose this option there is no action required on your part.
Ponzi schemes like Torque Trading are a zero-sum equation. What’s withdrawn is stolen, and at any given time the majority of investors are at a loss.
If Torque Trading does re-enable access to the backoffice, as above the monopoly money balances will be reduced.
This has nothing to do with trading, it’s just redistribution of whatever’s left of invested funds to pay out.
What’s left after Ong, other Torque Trading admins and top promoters have withdrawn before rank and file affiliate investors.
Sorry for your loss.
Updates
May 3, 2021
The volume of reports coming in has provided the necessary leverage to approach regulatory authorities. I am currently finalizing a formal briefing document to present to the investment fraud unit.
42 Comments
It is a shame that Singapore, who claimed itself as a global city and international financial centre, allows this kind of scams repeatedly happen. Even in cities like Hong Kong, law enforcement agencies would react to the concerns raise my citizens and society and take actions promptly. The Torque case shows Singapore has a third class government.
Our life savings, retirement funds, kid education fund all got swallowed overnight. God hv mercy.
We, 14,000 victims, don't want to be outdone by their trick, which is only 15 Torque management. Their negligence must be held accountable for them until whenever !!!
The claim by the CEO Bernard Ong that the lost is due to the CTO leverage trading lost is a common exit scam tactic. There is no show of evident of the trading lost instead Bernard promptly liquidated the Torque trading and got away without anymore involvement in Torque.
Unbelievable how they ripped me off of my whole savings during these pandemic tough times. And I lost my job too.
Major scam. Bernard used our money to buy a fancy car and probably paid for his wedding meanwhile screws 14,000 investors who had faith in him. Nothing but a dirty con!
Torque give back my money...!!
I want to get my money back!
Help this petition grow
Share it with friends to help reach 100 signatures.
Sign Petition
We never post to your account. Social sign-in is used only to verify your signature.
Add a comment?
Your signature will be added via .
Tell others why you're signing — it's optional.
Signing with Google or Facebook verifies your signature instantly — no email needed.
By signing, you accept our Terms and Privacy Policy and agree to occasional emails about petitions. Unsubscribe anytime.
Share this petition
Share this petition to help it reach more people.
Your share link
Petitions like this
Other petitions you might want to support
Scan to share
Anyone who scans this can sign the petition.
It is a shame that Singapore, who claimed itself as a global city and international financial centre, allows this kind of scams repeatedly happen. Even in cities like Hong Kong, law enforcement agencies would react to the concerns raise my citizens and society and take actions promptly. The Torque case shows Singapore has a third class government.