Singaporeans who invested with crypto-trading platform Torque lose life savings

From Shin Min Daily News Published on 2021 Apr 6 and 2021 Mar 22

The crypto-trading platform suddenly liquidated, and global investors estimated that a total of more than 400 million would be lost. More than 2,000 Singaporean were affected, and one of the Singapore women lost 2.5 million.

One of the investors, Ms. Wu (48-year-old customer service staff), called the 24-hour hotline of Shin Min Daily News, saying that she started investing in digital money through a friend’s introduction in June last year. She invested S$300 at the beginning and doubled after 3 months. The previous investment was S$15,000. She revealed that she invested Ethereum on her own by logging in to the mobile application of Torque Trading, a locally registered investment company.

The good times didn’t last long. The CEO of the investment company announced in February this year that the company had suffered losses due to improper investment and notified members to give them time to draw up a refund plan.

“Later, the company asked her to give them time to refund, but so far there is no answer.”

She revealed that the investment company explained that a staff member was involved in improper handling of funds, which caused the loss. “My account is frozen, and there are still about US$23,000 dollars (about S$30,000) in the account that cannot be traded and cashed out.”

However, before the company’s liquidate, Ms. Wu had already cashed in the return income, totaling S$10,000, but after deducting the cost, she still lost S$5,000.

Another sufferer, Jenny (in her 50s, self-employed, under a pseudonym), revealed in an interview with The Straits Times that she joined the platform in 2019 and invested 2.5 million, including the investment of her Mother-in-law and Father-in-law. Around S$200,000. She revealed that the money was earned from investing in real estate for more than 20 years. Since the platform ceased operation, she still dares not disclose this to her family.

” Mother-in-law and Father-in-law is very old, and the money is their life savings. I’m afraid they won’t be able to bear the blow after hearing the news.”

According to a notice issued to investors by the liquidation company on the 31st of last month, the liquidator discovered that some of the crypto assets were transferred without proper authorization from the company’s former chief technology officer.

The liquidator successfully applied to the High Court on March 19 this year to prohibit the former chief technology officer from handling his local or overseas assets of up to US$343.7 million (approximately S$461 million).

The notice also stated that the liquidator is reviewing billions of transaction records and is also investigating the company’s management and related personnel.

A spokesperson for the Monetary Authority of Singapore (MAS) stated that “Torque” has not obtained a MAS license or approval to provide financial services locally.

Therefore, the MAS cannot respond to this company. Those who intend to inquire about the list of financial companies approved by the MAS can check on the MAS website (https://eservices.mas.gov.sg/fid).

Regardless of whether the financial company is operating under the license of the MAS, it is illegal to conduct fraudulent business in our country.

“As far as we know, investors have reported to the police against Torque.”

When questioned, the police confirmed that they were paying attention to the incident.

投资虚拟货币 狮城妇痛失250万

来自 / 新明日报 发布 / 2021年3月22日 发布 / 2021年4月6日

加密货币投资平台突清盘,全球投资者估计共4亿多元恐泡汤,有超过2000名国人受影响,其中一名狮城妇更痛失250万元。

其中一名投资者吴女士(48岁客服人员)拨电《新明日报》24小时热线通报,指她去年6月经朋友介绍,开始投资加密货币,起初投入300新元,3个月后翻倍,前后共投资1万5000元。她透露,自己在一间本地注册的投资公司Torque Trading,通过登入手机应用程式,自行投资以太币(Ethereum)。

好景不长,该投资公司的首席执行官于今年2月宣布,公司因投资失当,造成亏损,通知会员们给时间,让他们拟定一个退款方案。

“后来,公司要求我们给予时间退款,但至今无下文。”

她透露,投资公司解释是一名职员涉及处理资金不当,才造成亏损。“我的户头被冻结,户头内还有约2万3000美元(约3万元)无法交易与套现。”

不过,公司出事前,吴女士已陆续将回酬的收入兑现,有共1万元,但扣除本钱,仍亏损5000元。

另一名苦主珍妮(50多岁,自雇人士,假名)接受《海峡时报》访问时透露,,她2019年加入该平台,前后投入了250万元,其中还包括代家翁家婆投资的20万左右。她透露,这笔钱是自己20多年来通过投资房地产所得,平台停止运作至今,她仍不敢向家人透露此事。

“家翁家婆年事已高,那笔钱是他们的毕生积蓄,我怕他们听到消息后承受不了打击。”

根据清盘公司上月31日发给投资者的通告,清盘人发现部分加密资产在未经公司前首席技术官适当授权的情况下被转移。

清盘人今年3月19日成功向高庭申请,禁止这名前首席技术官处理他在本地或海外共3.437亿美元(约4.61亿新元)以内的资产。

通告也称,清盘人正在审查数十亿个交易记录,也正对公司的管理层及相关人员进行调查。

金管局发言人受询时说,Torque并没有获得金管局执照或批准在本地提供财务服务。

因此,金管局不能针对这家公司给予回复,有意查询获得经管局批准的财务公司名单者,可到金管局网站(https://eservices.mas.gov.sg/fid)查询。

无论财务公司是否在获得金管局执照下经营,在我国进行欺诈行为的生意都是非法的。

“据我们了解,投资者已针对Torque向警方报案。”

警方受询时证实,正在关注这起事件。

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