According to local reports, the Australian Securities and Investment Commission (ASIC) has started legal procedures against two crypto companies and their directors for operating unlicensed in the country. Allegedly, the companies participated in an elaborate scheme that resulted in the loss of AU$ 160 million, worth $104 million, from investors.
ASIC After Unlicensed Mining Companies
The Australian regulator commenced civil procedures against the NGS Group companies and their directors, Brett Mendham, Ryan brown, and Mark Ten Caten. The NGS Blockchain crypto mining companies include NGS Crypto, NGS Digital, and NGS Group.
ASIC alleges that the NGS companies targeted Australian investors to acquire blockchain mining packages with a fixed-rate return. The regulator also accuses the companies of allegedly encouraging investors to use self-managed super funds (SMSFs) and convert the money into crypto.
According to the NGS Crypto website, the company was formed in 2018 as a bl
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