ASIC is investigating blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Limited (a company domiciled in Hong Kong) (together, the NGS Companies) and associated persons and entities.
ASIC will update this webpage when important steps take place in relation to this matter.
If you are in financial distress, there are resources available to help you. You may consider speaking to a financial counsellor for free. For further information, please see the information available on ASIC’s MoneySmart website (Financial counselling).
Federal Court Decision
On 18 December 2025, the Federal Court made the following orders sought by ASIC:
- declarations that the NGS Companies contravened s911A of the Corporations Act by carrying on a financial services business in Australia without an AFS Licence;
- injunctions permanently restraining the NGS Companies from, among other things, promoting or issuing blockchain mining packages to any new investors, dealing in investor funds and otherwise carrying on a financial services business in Australia;
- orders winding up NGS Group, NGS Crypto and the unregistered managed investment scheme the Court found NGS Group operated (Scheme), appointing liquidators to these companies and the Scheme.
The NGS Companies did not oppose ASIC’s claim for these declarations, injunctions and winding up orders. The judgment comes after the Court reserved its judgment on 21 July 2025.
The Court has published written reasons for the decision (see judgment).
ASIC has published a media release about the decision (see 25-310MR).
Liquidation process
Who are the liquidators?
The liquidators of NGS Group, NGS Crypto and the Scheme are Anthony Connelly, Katherine Sozou and William James Harris of McGrathNicol (Liquidators).
Why did ASIC ask the Court to appoint liquidators?
ASIC sought orders appointing the Liquidators to NGS Group, NGS Crypto and the Scheme as it considered that this is the best way to facilitate an orderly resolution of the companies’ affairs in Australia and the distribution of any assets recovered by the Liquidators, including those currently held by the Receivers, back to investors.
What will the liquidators do?
The Liquidators will investigate the affairs of NGS Group, NGS Crypto and the Scheme and report to investors as creditors including in relation to any return that may be made.
For further information about the liquidation process, please refer to ASIC’s Information Sheet 45, Liquidation: A guide for creditors (INFO 45).
The Liquidators will publish information in due course about how to register as a creditor.
Earlier Court orders
Appointment of receivers
On 10 April 2024, the Federal Court made orders that Anthony Connelly, Katherine Sozou and William James Harris of McGrathNicol be appointed as receivers (Receivers) to identify and secure the digital currency assets of the NGS Companies and the directors of those companies, Mark Ten Caten, Brett Mendham and Ryan Brown (Orders as amended on 30 April 2024).
ASIC applied for these orders because it was concerned that the digital currency assets of investors, which are invested in the blockchain mining products offered by the NGS Companies, were at risk of dissipation and considered the appointment of the Receivers was the best way to protect the assets (24-073MR).
The Receivers remain appointed over the digital currency assets of the defendants until further order of the Court.
McGrathNicol published updates with respect to their activities on 11 April 2024, 23 August 2024 and 5 November 2024.
Interim injunctions
On 9 September 2024, the Federal Court made orders granting ASIC’s application for interim injunctions restraining the NGS Companies from, among other things, promoting or issuing blockchain mining packages to any new investors, dealing in investor funds and otherwise carrying on a financial services business in Australia (Court’s Order). These orders were made with the consent of the NGS Companies.
The interim injunctions restrained the activities of the NGS Companies until this proceeding could be heard and decided. The Court has now made permanent injunctions in substantially similar terms.
Liquidation of NGS Digital
On 12 August 2024, NGS Digital was placed into liquidation. This was done voluntarily by NGS Digital and was not part of the relief sought by ASIC in the Federal Court proceeding.
Hiddup
As at 1 July 2024, NGS Crypto’s website https://ngscrypto.com/ redirected to the website https://hiddup.com/.
Information for investors
ASIC’s ongoing investigation
ASIC’s investigation is ongoing.
If you wish to provide information to ASIC, please contact the investigation team via email at NGS.Investigation@asic.gov.au. A member of the team will respond as soon as possible.
Federal Court proceeding - useful links
- Orders dated 10 April 2024 including receivership orders (replaced by orders dated 30 April 2024)
- Orders dated 30 April 2024 including receivership orders (most orders remain in force until further order of the Court)
- Interim injunction orders dated 9 September 2024 (the Court has now made permanent injunctions of substantially similar effect)
- Orders dated 18 December 2025 (declarations, permanent injunctions and winding up orders)
General information
ASIC’s Moneysmart provides more information about Investment scams, what to do if you’ve been scammed, and financial counselling.
