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.”
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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.
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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.
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