Torque Trading CFO disappears, cops collapse blame

It’s essential to notice that till authorities get entangled, take something coming from Ponzi admins within the midst of a collapse with a grain of salt.

That mentioned till Singaporean authorities make a transfer, we’ll do our greatest to cowl Torque Buying and selling’s exit-scam developments.

The most recent from the Torque Buying and selling camp has seen CFO Zee Wu blamed for the collapse.

Conveniently, Wu has purportedly disappeared.

The most recent info was offered by Torque CEO Bernard Ong (proper), throughout a Feb 18th Zoom webinar.

As per an unofficial transcript of the webinar;

This was a betrayal of belief by somebody holding a excessive place. Former CTO, Zee.

A pal who was with us earlier than. A trusted chief who misused his authority to work round measures and protocols.

Controls not strong sufficient to forestall this from taking place.

We didn’t know (Zee) was manipulating the Buying and selling Revenue & Loss data.

COVID-19 is introduced up, as an excuse for why Ong couldn’t “journey to Vietnam to supervise”.

Which is senseless, seeing as if buying and selling was actually the supply of ROI income, all of this could be happening on-line anyway.

Anyhoo, right here’s the exit-scam fiction Ong and the remainder of the Torque Buying and selling gang have provide you with:

After midnight 8 th Feb

– Request for forgiveness by Zee

– Zee claimed he made buying and selling losses that had been very important

– He instructed Bernard he wished to vanish as a result of he isn’t in a position to face the implications of his actions

– Bernard instantly alerted the crew: mitigation measures put into place

– Zee has since been lacking and uncontactable

– Now we have tried to search out him by means of legislation enforcement in Vietnam

– Now we have been in contact along with his household too

– Sadly: not capable of finding him

– Now we have eliminated all his entry to the corporate

Blaming somebody who disappears is a standard sufficient MLM Ponzi exit-scam play.

Two months in the past South Africa’s Mirror Buying and selling Worldwide pulled the identical stunt.

We’ve beforehand lined the hyperlinks between Torque Buying and selling and Snap Improvements.

The final identified MLM Ponzi Snap Improvements was tied to, Cloud Token, additionally pulled a “man with management of the cash disappeared” exit-scam.

Cloud Token admin Ronald Aai hasn’t been seen in public because the firm halted withdrawals in late 2019.

Right here’s the place the logic of Torque Buying and selling’s exit-scam falls aside.

If Torque Buying and selling was working legally, they’d have been offering regulators and their buyers with periodic audited monetary experiences.

The absence of those experiences and the truth that Torque Buying and selling has dedicated securities fraud since inception, is why the exit-scam presently taking part in out is fiction.

Such to the extent Zee Wu has disappeared, he’d have been paid off or handled Ruja Ignatova model.

Investor funds may have by now been laundered away by means of who is aware of what number of shell firm accounts.

Trying ahead, the plan now could be to stall Torque Buying and selling buyers for so long as potential.

Restoration Plan

– It’ll take time

– Rolled out in phases

– Work on issues that are: potential.

– We need to attempt to recuperate your capital

Torque Buying and selling buyers are having a 50% capital return inside “roughly 24 months”.

That is to quieten victims and restrict reporting theft to authorities.

Supposedly those that need out will have the ability to withdraw a fraction of what they put in, paid in USDT.

Don’t anticipate authorities in Vietnam to do something. Singapore isn’t identified for lively MLM Ponzi regulation (it’s a favourite jurisdiction for scammers to register shell corporations in), however Torque Buying and selling’s collapse may be large enough to set off motion.

Mockingly, Ong seems to acknowledge this through the webinar.

Transfer buying and selling groups to Singapore?

– Troublesome resulting from regulation points

Cloud Token was run by Ronald Aai from Singapore and Malaysia. Given Cloud Token’s buyers bent over and took the losses, I wouldn’t be shocked to see the identical end result with Torque Buying and selling.

Keep tuned…


Replace nineteenth February 2021 – Right here’s a replica of the webinar this text is predicated on.


Replace 2nd Might 2022 – The copy webinar has now additionally been deleted from YouTube.

As such I’ve disabled the beforehand accessible hyperlink offered within the February 2021 replace above.