It’s important to note that until authorities get involved, take anything coming from Ponzi admins in the midst of a collapse with a grain of salt.
That said until Singaporean authorities make a move, we’ll do our best to cover Torque Trading’s exit-scam developments.
The latest from the Torque Trading camp has seen CFO Zee Wu blamed for the collapse.
Conveniently, Wu has purportedly disappeared.
The latest information was provided by Torque CEO Bernard Ong (right), during a Feb 18th Zoom webinar.
As per an unofficial transcript of the webinar;
This was a betrayal of trust by someone holding a high position. Former CTO, Zee.
A friend who was with us before. A trusted leader who misused his authority to work around measures and protocols.
Controls not robust enough to prevent this from happening.
We did not know (Zee) was manipulating the Trading Profit & Loss records.
COVID-19 is brought up, as an excuse for why Ong couldn’t “travel to Vietnam to oversee”.
Which makes no sense, seeing as if trading was in fact the source of ROI revenue, all of this would be taking place online anyway.
Anyhoo, here’s the exit-scam fiction Ong and the rest of the Torque Trading gang have come up with:
After midnight 8 th Feb
– Admission of guilt by Zee
– Zee claimed he made trading losses that were very significant
– He told Bernard he wanted to disappear because he is not able to face the consequences of his actions
– Bernard immediately alerted the team: mitigation measures put into place
– Zee has since been missing and uncontactable
– We have tried to find him through law enforcement in Vietnam
– We have been in touch with his family too
– Unfortunately: not able to find him
– We have removed all his access to the company
Blaming someone who disappears is a common enough MLM Ponzi exit-scam play.
Two months ago South Africa’s Mirror Trading International pulled the same stunt.
We’ve previously covered the links between Torque Trading and Snap Innovations.
The last known MLM Ponzi Snap Innovations was tied to, Cloud Token, also pulled a “guy with control of the money disappeared” exit-scam.
Cloud Token admin Ronald Aai hasn’t been seen in public since the company halted withdrawals in late 2019.
Here’s where the logic of Torque Trading’s exit-scam falls apart.
If Torque Trading was operating legally, they’d have been providing regulators and their investors with periodic audited financial reports.
The absence of these reports and the fact that Torque Trading has committed securities fraud since inception, is why the exit-scam currently playing out is fiction.
Such to the extent Zee Wu has disappeared, he’d have been paid off or dealt with Ruja Ignatova style.
Investor funds will have by now been laundered away through who knows how many shell company accounts.
Looking forward, the plan now is to stall Torque Trading investors for as long as possible.
– It will take time
– Rolled out in phases
– Work on things which are: possible.
– We want to try and recover your capital
Torque Trading investors are having a 50% capital return within “approximately 24 months”.
This is to quieten victims and limit reporting theft to authorities.
Supposedly those who want out will be able to withdraw a fraction of what they put in, paid in USDT.
Don’t expect authorities in Vietnam to do anything. Singapore isn’t known for active MLM Ponzi regulation (it’s a favorite jurisdiction for scammers to register shell companies in), but Torque Trading’s collapse might be big enough to trigger action.
Ironically, Ong appears to acknowledge this during the webinar.
Move trading teams to Singapore?
– Difficult due to regulation issues
Cloud Token was run by Ronald Aai from Singapore and Malaysia. Given Cloud Token’s investors bent over and took the losses, I wouldn’t be surprised to see the same result with Torque Trading.