Retail investors were informed that one Torque employee had apparently violated the company’s regulations, and that his unauthorised trading activity resulted in major losses in their trading accounts. This was in early February, three days before the Chinese New Year holidays.
However, Mr Ong applied to British Virgin Islands courts to wind up the company. The application was granted last week , with Mr Philip Smith and Mr Jason Kardachi from restructuring and insolvency specialist firm Borrelli Walsh appointed as joint liquidators.A review of Torque’s record and investor database by Borrelli Walsh estimated creditor claims at US$325 million as of March 2. Crypto assets under control of the liquidators are valued at around US$9.1 million as of March 14.
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