Two Cryptocurrency Companies Collapse Owing $160 Million

Published on April 13, 2024

Two Australian cryptocurrency companies have collapsed into liquidation owing hundreds of investors more than $160 million (US$104 million). The Australian Security and Investments Commission (ASIC) has launched civil proceedings against NGS companies—NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd—and the directors of these schemes—Brett Mendham, Ryan Brown, and Mark Ten Caten. NGS companies are blockchain cryptocurrency mining companies. The companies allegedly targeted Australian investors to establish self-regulated superannuation funds, convert the money to cryptocurrency and invest it in blockchain mining packages with fixed-rate returns. The financial watchdog believes about 450 investors funded $62 million (US$40 million) through the companies....

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