Update to the Torque community 20 Feb 2021 Torque CEO Bernar | Torque Trading Bot Channel

Update to the Torque community

20 Feb 2021

Torque CEO Bernard Ong responded to the recent incident and addressed questions by the Torque community during a live session via Zoom on 18 February 2021.

Read the transcript of Conversation with Torque CEO:
https://torquesuperwallet.asia/2021/02/19/live-conversation-session-with-torque-ceo-bernard-ong-video-and-transcript/

Watch the video:





Key Highlights

1. Our highest priority is to rebuild and move forward with a recovery plan

- We have been receiving lots of feedback from our community about the proposed recovery plan shared yesterday.
- Over the weekend, we will re-evaluate our recovery plan taking into account suggestions from our community. There may be serious consequences so we will take community suggestions very cautiously.
- Final details will be shared with the community via email next week.

2. Information on the proposed recovery plan
- For the recovery plan to be effective, it must be agreed to by a strong mandate. (Details will be disclosed in the email)

3. Tightening security protocols before resuming services

- We are in the process of engaging independent, third party security specialists and auditors to evaluate the extent of the loss and advise on mitigation measures moving forward.
- We have taken actions to tighten our internal security protocols, workflow processes, trading mandates and managing key men risk.
- We will continue to engage an independent third party analytics firm to provide daily P&L via API-driven auto-dump of trading logs when we resume trading.

We'd like to thank our community who pledged your support and were sharing messages of encouragement during the Zoom session — it means a lot to us that you have the confidence that Torque will come back strong.

We remain committed to overcoming this together as a company and community.


Sincerely,
James Teo
Chief Strategy Officer