Torque Trading Bot Channel

2021-03-02 11:49:53 Open / Comment

2021-02-26 22:11:20 ANNOUNCEMENT BY TORQUE RELATING TO THE BUSINESS AND AFFAIRS OF TORQUE 

26 February 2021 — Torque Group Holdings Limited (the "Company" or "Torque") has today filed a court application in the British Virgin Islands (“BVI”) for Phillip Smith and Jason Kardachi of Borrelli Walsh to be appointed as provisional liquidators (“Provisional Liquidators”) of the Company.  

Management expects the BVI court to issue a court order appointing the Provisional Liquidators to Torque in coming days.  Following this, Borrelli Walsh will contact Torque customers to provide a preliminary update and advise next steps.

Borrelli Walsh is a leading specialist insolvency, restructuring, asset recovery and forensic accounting firm. Information in relation to Borrelli Walsh is available at www.borrelliwalsh.com.


For customer, creditor and media enquiries, please contact: 

Borrelli Walsh: torque@borrelliwalsh.com Open / Comment

2021-02-23 18:52:23 Update to the Torque Community 

23 February 2021

Dear Torque Community,

We'd like to inform you that we have completed our preliminary investigations and will be appointing an external forensic analyst over the course of the next few days to examine the financial data and generate a conclusive report.

The examination of the financial data will also determine the actual loss for the implementation of an effective recovery plan moving forward. 

We apologise we're unable to share with you details of our recovery plan today as we had promised. We had the draft of our proposed recovery plan reviewed by external specialists. However, it requires further work due to the complexity of the commercials.

We will be appointing them to assist us with navigating the commercial and legal process of our recovery plan. As time is of the essence, we are desirous of engaging them urgently. We will be making an official company announcement when the appointment is confirmed.

To facilitate with the assessment of the total recovery value, over the course of the next couple of days, (i) all pending withdrawals have been cancelled and your balance will be reflected accordingly; (ii) TORQ tokens will be converted to the USDT equivalent and reflected in your balance; and (iii) reversal of trading deposits made on or after 8 February 2021 are ongoing.

We thank you for your patience and your continued pledge of support.

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


Sincerely,
James Teo
Chief Strategy Officer  Open / Comment

2021-02-22 16:18:12 Update to the Torque Community

22 Feb 2021

Dear Torque Community,

We’d like to thank our community for sharing your thoughts and suggestions on our recovery plan moving forward. Over the weekend, we have been reviewing and re-evaluating the details of our recovery plan and will be sharing this with you tomorrow.


To facilitate the details of our proposed recovery plan:

1. All pending withdrawals will be cancelled and your trading wallet balance will be reflected accordingly.

2. Your TORQ tokens will be automatically be converted to the USDT equivalent and be reflected in your trading wallet.

Our Accounts Team is in the midst of reviewing these details. We will keep you updated over the next few days.

We are receiving emails from our community pledging your support and confidence in our recovery, thank you. Your words of encouragement mean a lot to us.

Thank you for having the confidence in us — we remain committed to overcoming this together as a company and community.


Sincerely,
James Teo
Chief Strategy Officer Open / Comment

2021-02-19 22:41:23 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 Open / Comment

2021-02-18 14:07:25 https://drive.google.com/file/d/1yax-FkJ6g8N1g5M3H_LeNeMtdxD-tpd0/view Open / Comment