Torque Trading collapses, pulls “bad trades” exit-scam
The Torque Trading Ponzi scheme has collapsed.
Daily returns have been disabled, with Bernard Ong blaming the collapse on an employee.
In an email sent out to Torque Trading investors, Ong (right) claims that yesterday the company
discovered significant trading losses against Torque’s open positions iwth crypto exchanges.
It appears that one of our employees has placed heavily leveraged trades, in violation of our internal rules.
Why would an employee with no skin the game do this?
Torque Trading was a Ponzi scheme since launch. Trading or otherwise, returns have always been paid with new investment.
A visit to Torque Trading’s website reveals website traffic fell off a cliff in late January.
For an MLM Ponzi scheme, this brings forward the inevitable collapse. Bing-badda-boom, here we are.
In line with suspension of all trading activity pending this investigation, we have suspended all wallet functionality (deposits, rewards, withdrawals, reallocation) until further notice.
With withdrawals disabled, Torque Trading will now enter the “stall while we make off with your money” phase of the exit-scam.
We are doing everything we can to conclude the investigations in the coming days.
When your wallet functionality is restored, you can expect a significant decrease in your Torque wallet balance to reflect the trading losses.
At this point, you will have two options:
- Withdraw your remaining balance and close your Torque account; or
- Maintain your balance and we will resume trading upon this balance. If you choose this option there is no action required on your part.
Ponzi schemes like Torque Trading are a zero-sum equation. What’s withdrawn is stolen, and at any given time the majority of investors are at a loss.
If Torque Trading does re-enable access to the backoffice, as above the monopoly money balances will be reduced.
This has nothing to do with trading, it’s just redistribution of whatever’s left of invested funds to pay out.
What’s left after Ong, other Torque Trading admins and top promoters have withdrawn before rank and file affiliate investors.
Sorry for your loss.
Update 11th February 2021 – Bernard Ong has told Torque Trading affiliates to expect a 90% cut to their backoffice balance.
Update 19th February 2021 – Bernard Ong is blaming Torque Trading’s bad trades on CFO Zee Wu, who is conveniently missing.