The Australian Securities and Investments Commission (ASIC) has informed the public that NGS Crypto has rebranded to Hiddup.
As at 1 July 2024, NGS Crypto’s website https://ngscrypto.com/ redirects to the website https://hiddup.com/. Hiddup’s website states that NGS Crypto has rebranded to Hiddup.
ASIC is conducting an investigation into blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Limited (a company domiciled in Hong Kong) and their officers, employees, agents, representatives, or associated entities.
ASIC’s investigation arose from concerns including that:
- the NGS Companies received funds from Australian investors and those funds may have been improperly dealt with,
- the NGS Companies may have been operating a financial services business without an Australian Financial Services Licence (AFS Licence).
On 9 April 2024, ASIC applied for interim ex parte orders in the Federal Court to secure the digital assets of the NGS Companies and their directors, Mr Mark Ten Caten, Mr Brett Mendham and Mr Ryan Brown as well as travel restraint orders in relation to Mr Mendham (24-073MR).
ASIC also seeks in the proceeding:
- Declarations that the NGS Companies have contravened s 911A of the Corporations Act by carrying on a financial services business without an AFSL,
- Interim and final injunctions against the NGS Companies.
On 10 April 2024, the Federal Court made interim orders that receivers be appointed over the digital assets of the NGS Companies, Mr Mark Ten Caten, Mr Brett Mendham and Mr Ryan Brown. Their role initially is to secure the digital assets for investors.
Anthony Norman Connelly, Katherine Sozou and William James Harris of McGrath Nicol were appointed as receivers and managers.
