The founder of the now-collapsed cryptocurrency trading platform Torque, Bernard Ong, has refuted any involvement with Cryptotrage, a platform allegedly utilising Torque's Binance account for handling investors' deposits. Ong asserted his lack of liability during an ongoing trial addressing allegations related to Cryptotrage.

Background and Allegations

Investor George Baizanis, a Greek national, is seeking to recover $9 million from Snap Innovations and Bernard Ong. Baizanis claims a breach of a service agreement made with Snap on May 24, 2019. According to the agreement, Snap was to compensate for any digital assets stolen by its staff within five business days.

Baizanis informed the court that Cryptotrage, allegedly operated by Snap in Vietnam, saw him making investments since 2018. He increased investments after the corporate guarantee was signed in 2019. However, on Feb 9, 2021, he discovered his investments with Cryptotrage had vanished. Snap and Ong deny any knowledge of Cryptotrage, and Snap asserted it had no trading operations in Vietnam through Snap Vietnam.

Corporate Guarantee and Acquaintance Denials

Ong denied signing any corporate guarantee and being acquainted with Baizanis. He stated he was introduced to the missing employee by Snap founder Ting Shang Ping. Ong, hired to market products for Snap, clarified that although listed as a director on Snap's website, he was not a registered director of the company.

Legal Actions and Denials

Ong, as Snap's managing director, made a police report against a missing Snap Vietnam employee and initiated proceedings to wind up Torque. Torque was ordered to be wound up on March 18, 2021. Baizanis also sued Ong for alleged failure to supervise the missing employee. Both Ong and Snap deny any connection with Cryptotrage.

During cross-examination on Dec 6, Baizanis' lawyer pointed out several withdrawals from Torque's trading account with Binance in relation to Cryptotrage. The lawyer also highlighted a letter by Torque's liquidators addressing "unauthorised" withdrawals related to Cryptotrage. Ong was questioned about his knowledge of Torque's Binance account.

Denial of Knowledge and Suspicion

Ong, facing a separate lawsuit by Torque's liquidators, denied knowledge of Cryptotrage or its use of sub-accounts under Torque's Binance account. He found the withdrawals suspicious and claimed there was no evidence linking the sub-accounts to Cryptotrage. Ong disputed the unauthorised withdrawal claims by Torque's liquidators.

The trial is set to conclude on Dec 8, with ongoing disputes and conflicting claims between Baizanis, Ong, and Snap.