Australian Crypto Firm NGS Crypto Rebrands as Hiddup Amid Scandal


Amidst an ongoing investigation and legal action by the Australian Securities and Investments Commission (ASIC), the Australian cryptocurrency startup NGS Crypto has officially changed its name to “Hiddup.”

CryptoCaster Quick Check:

In order to resolve trademark conflicts and prevent confusion, the company announced the renaming. A local media article stated that NGS Super, a superannuation institution, threatened legal action against NGS Crypto in 2022.

Stay in the know on crypto by frequently visiting Crypto News Today

The cryptocurrency startup was charged by the corporation of violating its trademark and deceiving investors into thinking there was a connection between the two companies. Later on, NGS Super made it clear that it has nothing to do with cryptocurrency-related goods or services, and also alerted users to the fact that it is not connected to NGS Crypto.

NGS Crypto is embroiled in a second legal battle for breaking Australian legislation with the market watchdog, on top of the NGS Super issue. In addition, the ASIC is presently looking into the company’s domestic business activities.

NGS Crypto Defrauds 450 Investors

After accusations of scamming more than 450 Australians surfaced, an investigation was launched into NGS Crypto and its affiliated businesses, NGS Digital and NGS Group.


According to the banking authority, these businesses, along with their directors Brett Mendham, Ryan Brown, and Mark Ten Caten, planned a scam that defrauded investors of as much as $41 million.


The NGS firms allegedly offered financial services without the required Australian financial services license, according to ASIC. According to reports, the companies specifically targeted Australian investors and persuaded them to purchase fixed-rate returns on blockchain mining packages. To participate in the offering, investors were asked to move money from regulated superannuation funds to self-managed super funds (SMSFs) and then turn that money into digital assets.

Asset Seizures and Court Actions

An independent advice and restructuring firm, McGrathNicol, provided the $41 million that ASIC had requested from NGS Companies. The petition was granted by a federal judge in April. The assets of the company’s directors were also frozen, and Mendham’s passport was confiscated to stop him from leaving the nation.

According to the ASIC, it is still looking into the company to find the lost money. On its website, Hiddup nonetheless still claims that blockchain mining can yield returns of between 6 and 16 percent annually. This is in spite of the current legal issues. According to the corporation, ASIC is aware of its decision to rebrand.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like