Hiddup Shifts to New Identity as Crypto Business Faces $41M Probe and Lawsuit

Earlier this year, a Sydney based digital-currency firm NGS Crypto which is in the middle of an ASIC investigation and legal case has renamed itself to Hiddup. The rebranding, due to a reported trademark issue, was disclosed on 25 June as ANZ increasingly comes under pressure over non-performing investments, while about 61 million Australian dollars ($41 million) in interest are apparently owed to investors.
The firm money together with personal assets of the company directors Mark Ten Caten, Brett Mendham and Ryan Brown were frozen at the month of April.

ASIC’s Allegations and Actions
ASIC launched a lawsuit against three crypto mining companies tied to NGS: As a result of such failures, he was associated with NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd when the firms started going liquid. According to the companies, Australians were to be encouraged to establish self-managed superannuation funds, into which they were then persuaded to place their money in the form of digital tokens used to invest in blockchain mining with guaranteed yields.

From the investigation carried out by ASIC before the case, it was realized that more than 450 individuals from Australia invested about $41 million via the NGS companies. The regulatory agency claims that NGS firms broke the law of the country by offering financial services while not holding AFSL. In the course of the hearing, ASIC desires permanent and interim injunctions against NGS and its operations, arguing that it operates without the appropriate licenses.

To ward off these changes, the Federal Court has appointed the advisory and restructuring firm McGrathNicol as the receivers, which shall help the creditors to recover the stolen money. Also, Mendham’s passport was taken away and the remaining amount of $41 million remains still undiscovered.

By including relevant keywords and linking to related articles, the rewritten content aims to provide comprehensive information while enhancing search engine optimization for CryptoTelegraphs.

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates