Snap Innovations seeks distance from Torque Trading Ponzi
I received an email this morning from SP Ting, seeking to distance Snap Innovations from Torque Trading.
This promoted me to ask… who is Snap Innovations?
I’d seen Snap Innovations mentioned in the comments of our Torque Trading collapse articles.
Seeing as the scam had collapsed and admin Bernard Ong was MIA, I didn’t see any point retrospectively looking into it.
The out-of-the-blue email from Ting Shang Ping, AI Research at Snap Innovations, changed that.
On their website Snap Innovations describes itself as ‘an Artificial Intelligence, Blockchain, Financial Trading & Technology Solutions company.’
We help you achieve your investment goals, based on individual risk preferences, through a wide range of investment products accessible anytime, anywhere.
Our products range from Broker Solutions, Trader Solutions and Crypto.
No specifics are provided. Nor is there any pricing available.
Longtime reader Semjon has already connected the dots between Snap Innovations and Torque Trading, so we’ll rely on his research next.
Key players connecting Snap Innovation to Torque Trading are:
- Bernard Ong – only known Torque Trading admin
- Zee Wu – Torque Trading CTO
- James Teo – Torque Trading CIO
- Jackson Png – Torque Trading CMO
Here are their Snap Innovations alter-egos:
- Bernard Ong – Director, Snap Innovations
- Zee Wu – Director, Snap Innovations Vietnam
- James Teo – AI, Banking Mentor Snap Academy
- Jackson Png – Director, Snap Innovations
With that information in hand, here’s the laughable email TS Ping sent me this morning;
It has been brought to our attention that there are certain parties attempting to seek restitution from Torque Group due to a notification in sufferred [sic] trading losses.
The shareholder(s), director(s) and employees of Snap Innovations Pte. Ltd. are neither shareholder(s), director(s) or involved in the decision making or management of Torque Group.
We would like to caution the general public and state categorically that Snap Innovations Pte. Ltd. have not authorised any personnel(s) or entities to solicit funds from the general public.
Our company takes a serious view of such falsehoods.
How are you going to pretend Snap Innovations had nothing to do with Torque Trading when half your executive team were involved?
Since Torque Trading’s collapse, Snap Innovations has scrubbed Bernard Ong, Zee Wu and James Teo from their website.
Jackson Png is still up, which we can only assume is an oversight.
And this isn’t even Snap Innovations’ first MLM Ponzi rodeo.
Back in December 2019 Semjon linked Snap Innovations to Cloud Token.
We would like to inform that Ribbonsotc.com is owned by Firstcube Sdn Bhd, and Snap Innovations is only providing the technological aspects of an P2P OTC platform.
Kindly note that we do not manage, operate or provide any form of technical and client support for Ribbonsotc.com.
For any enquiries pertaining to Ribbonsotc.com, please contact Firstcube Sdn Bhd, or contact them via live chat on the website.
As per Semjon’s research, TS Ping himself was a “leading figure” in the Infinitus Token Ponzi scheme.
Infinitus Token was part of the World Blockchain Forum Ponzi factory, seemingly tying all of this together.
As per TS Ping’s email;
We have lodged a Singapore Police Report and they are currently investigating the matter.
We advise all concerned parties to approach the authorities for further clarification at: https://eservices.police.gov.sg/content/policehubhome/homepage/police-report.html.
Meanwhile, the public is advised to contact us immediately for verification if they are informed by any parties implying our involvement with the Torque Group.
I wholly agree. If you are a Torque Trading victim reach out to Singaporean authorities and let them know who scammed you.
Meanwhile it’s unclear whether Snap Innovations’ purported police report pertains to Torque Trading collapsing, or them being upset at being outed. If I had to wager it’s probably the latter – assuming there’s even a police report to begin with.
What with the amount of scamming we’ve seen from World Blockchain Forum over the years (we’ve tracked four WBF MLM Ponzis to date), and Cloud Token recently announcing a planned Ponzi reboot, it’s high time authorities in Singapore and elsewhere smashed this crime ring.
I’ve put this article as a reply to SP Ting’s email along with the following additional questions:
- What is the connection between World Blockchain Forum’s Ponzi schemes and Snap Innovations?
- Why did Snap Innovations not have a problem with half its executive team running a Ponzi scheme, until Torque Trading collapsed?
- With such a deep connection between Torque Trading and Snap Innovation, do you seriously expect anyone to believe there wasn’t commingling of stolen investor funds?
- Does anyone involved in Snap Innovations not have a history of involvement in crypto Ponzi schemes?
Not holding my breath but I’ll let you know if there’s any response.
Update 17th February 2021 – As predicted, Torque Trading CMO’s Jackson Png has now been scrubbed from Snap Innovations website.
As at the time of publication I have received no reply to the above questions from SP Ting.
Update 16th February 2022 – The Snap Innovations scammers behind Torque Trading have returned with RoboFi, a non-MLM crypto Ponzi.