Two Torque employees declared bankrupt over millions in misappropriated cryptocurrencies

SINGAPORE – Two former senior employees of

failed cryptocurrency trading platform Torque

were declared bankrupt on Thursday, after the company’s liquidators began bankruptcy proceedings against them in relation to hundreds of millions worth of stolen cryptocurrencies.

Court documents said that Torque’s former chief product officer, Mr Fong Chee Kiong, 39, had conspired with its former chief technology officer, Mr Wu Zhong Yee, 39, to misappropriate more than US$479 million (S$642 million) worth of cryptocurrency assets from Torque between January 2020 and February 2021.