SINGAPORE: When Ms Goh joined cryptocurrency trading platform Torque — because some of her friends were on it — payouts were better than interest rates that banks were offering. There was also a chance that the cryptocurrencies would appreciate in value, she said.

The platform looked stable and appeared to be run by “reputable people”, added the investor, who declined to give her full name.

Trouble surfaced, however, as Chinese New Year approached this year. After a year of payouts that arrived like “clockwork”, which for her worked out at 0.014 per cent a day, they stopped.

Torque, which was incorporated in the British Virgin Islands, suspended investors’ accounts and went into liquidation.

Investors reported the platform to the police, and its chief executive Bernard Ong claimed that an employee’s unauthorised trading activities had led to significant losses in investors’…

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