Singaporean founder of crypto-trading platform Torque sued by liquidators

Torque founder Bernard Ong was in May directed by the High Court to respond to the liquidators' questions. PHOTO: TORQUE TRADING SYSTEM/FACEBOOK
New: Gift this subscriber-only story to your friends and family

SINGAPORE – Singaporean businessman Bernard Ong Hock Fong, who founded the now-collapsed cryptocurrency trader Torque, has been sued by the liquidators of Torque in the High Court to recover hundreds of millions worth of cryptocurrency that were lost under his watch.

In a suit filed on May 5, the liquidators alleged that Mr Ong, 36, had failed in his duties as the sole director and chief executive of Torque Group Holdings (Torque), which caused substantial losses of investors’ funds and eventually the total collapse of its online cryptocurrency trading platform in 2021.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.