The Australian Securities and Investments Commission (ASIC) has informed the public that NGS Crypto has been rebranded as Hiddup.
As of July 1, 2024, NGS Crypto’s website redirects to Hiddup’s website, Hiddup’s website states that NGS Crypto has been renamed to Hiddup.
ASIC is investigating blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Limited (Hong Kong based companies) and their officers, employees, agents, representatives or associated entities.
ASIC’s investigation arose out of concerns such as:
- the NGS Companies received funds from Australian investors and those funds may have been mismanaged;
- the NGS Companies may have been operating a financial services business without an Australian Financial Services License (AFS Licence).
On 9 April 2024, ASIC applied for interim ex post facto 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 restriction orders in relation to Mr Mendham (24-073MR).
ASIC also seeks in the process to:
- Claims that NGS Companies have contravened s 911A of the Companies Act by carrying on a financial services business without an AFSL;
- Temporary and final injunctive relief against the NGS Companies.
On 10 April 2024, the Federal Court granted interim orders to appoint receivers for the digital assets of NGS companies, Mr Mark Ten Caten, Mr Brett Mendham and Mr Ryan Brown. Their role initially is to secure digital assets for investors.
Anthony Norman Connelly, Katherine Sozou and William James Harris of McGrath Nicol were appointed as receivers and managers.