The Torque Buying and selling Ponzi scheme has collapsed.
Each day returns have been disabled, with Bernard Ong blaming the collapse on an worker.
In an e mail despatched out to Torque Buying and selling traders, Ong (proper) claims that yesterday the corporate
found important buying and selling losses in opposition to Torque’s open positions iwth crypto exchanges.
It seems that considered one of our staff has positioned closely leveraged trades, in violation of our inside guidelines.
Why would an worker with no pores and skin the sport do that?
They wouldn’t.
Torque Buying and selling was a Ponzi scheme since launch. Buying and selling or in any other case, returns have at all times been paid with new funding.
A go to to Torque Buying and selling’s web site reveals web site visitors fell off a cliff in late January.
For an MLM Ponzi scheme, this brings ahead the inevitable collapse. Bing-badda-boom, right here we’re.
In step with suspension of all buying and selling exercise pending this investigation, we’ve got suspended all pockets performance (deposits, rewards, withdrawals, reallocation) till additional discover.
With withdrawals disabled, Torque Buying and selling will now enter the “stall whereas we make off along with your cash” section of the exit-scam.
We’re doing every part we will to conclude the investigations within the coming days.
When your pockets performance is restored, you’ll be able to anticipate a big lower in your Torque pockets stability to mirror the buying and selling losses.
At this level, you should have two choices:
- Withdraw your remaining stability and shut your Torque account; or
- Preserve your stability and we’ll resume buying and selling upon this stability. If you happen to select this selection there isn’t any motion required in your half.
Ponzi schemes like Torque Buying and selling are a zero-sum equation. What’s withdrawn is stolen, and at any given time the vast majority of traders are at a loss.
If Torque Buying and selling does re-enable entry to the backoffice, as above the monopoly cash balances will likely be decreased.
This has nothing to do with buying and selling, it’s simply redistribution of no matter’s left of invested funds to pay out.
What’s left after Ong, different Torque Buying and selling admins and prime promoters have withdrawn earlier than rank and file affiliate traders.
Sorry to your loss.
Replace eleventh February 2021 – Bernard Ong has instructed Torque Buying and selling associates to anticipate a 90% minimize to their backoffice stability.
Replace nineteenth February 2021 – Bernard Ong is blaming Torque Buying and selling’s dangerous trades on CFO Zee Wu, who’s conveniently lacking.