S’porean-Run Crypto Trading Company Faces at Least 70 Police Reports; Investors Claim Millions Lost

I don’t know a single thing about cryptocurrency trading so forgive me if I’m wrong, but when over 70 police reports are lodged against a company, something has probably gone very wrong.

These reports were filed against the online cryptocurrency trading platform, Torque, with investors claiming that they have lost millions of dollars in cryptocurrencies, according to The Straits Times.

In February 2021, just before this year’s Chinese New Year holidays, retail investors were informed that a Torque employee had violated the company’s rules and that their unauthorised trading activities had led to significant losses in investors’ accounts.

The company in question, run by Singaporean businessman Bernard Ong, told investors that their accounts had been suspended to prevent further losses.

Once investigations were concluded, they would be able to withdraw their remaining balances and would be given the option to close their accounts or continue trading on the platform.

But Mr Ong then applied to BVI courts to wind up the company, since it is incorporated in the British Virgin Islands (BVI),

The application was completed last week and Mr Philip Smith and Mr Jason Kardachi from Borrelli Walsh were appointed as joint liquidators.

The initial review of Torque’s record and investor database by Borrelli Walsh estimated creditor claims at US$325 million (~S$436 million) as of 2 March, while crypto assets under the control of liquidators are worth around US$9.1 million (~S$12 million) as of 14 March.

Torque (ha!) about that coin.

Mr Smith said that investigations are still ongoing, thus he is unable to confirm how many investors (out of 14,000 from more than 120 different countries) live in Singapore.

Mr Ong said that Borrelli Walsh has taken over Torque and he is no longer in power.

“I know that investors are frustrated and angry. As a company, we are doing all we can to help anyone and I am ready to cooperate with any authority,” he assured.

Mr Ong’s lawyer had pointed out in an email to The Straits Times that the purpose of engaging Borrelli Walsh was to “trace and locate the misappropriated funds” by the employee to further prevent any more losses.

My Ong has also been harassed by debt collectors demanding payments for which he is not liable.

He has lodged a police report against the employee who is reportedly responsible for the losses. Unfortunately, they are not contactable as they are not based in Singapore.

Perhaps you could call them a cryptic crypto crook.

The police have confirmed that they are also looking into the matter and investigations are currently ongoing.

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