- NGS Crypto has been rebranded.
- The company changed its name due to a dispute.
- ASIC is reportedly investigating the matter.
A Gold Coast crypto mining company accused by the Australian Securities and Investments Commission (ASIC) of persuading users to funnel their retirement savings into digital assets has reportedly rebranded itself.
On June 25, reports surfaced that NGS Crypto had allegedly changed its name to Hiddup, barely two months after ASIC further alleged that the company provided financial advice about cash investments, superannuation, and home refinancing, without a license.
NGS Crypto’s Rebranding
According to a Tuesday report by The Australian Newspaper, NGS crypto has rebranded to Hiddup due to a “trademark dispute.”
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While the report did not clarify the trademark dispute, Hiddup recently said that the purpose of rebranding was to avoid any confusion and to reimagine the trade name’s ethos, aesthetics, and mission.
The rebranding happened amid ASIC’s legal action against the company on about 61 million Australian dollars ($41 million) in interest allegedly owed to investors. Per the report, ASIC was aware of NGS Crypto’s plan to rebrand amid the investigation and is currently probing the matter.
ASIC’s Investigation into NGS Crypto
ASIC launched a lawsuit in April targeting three companies linked to NGS Crypto after they reportedly collapsed into liquidation. The companies included NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, all accused of operating without an Australian Financial Services License.
As part of the legal action, ASIC sought interim ex parte orders on April 9 to secure digital assets held by NGS Crypto companies and their directors, Mark Ten Caten, Brett Mendham, and Ryan Brown.
On April 10, the Federal Court granted the orders and appointed Anthony Norman Connelly, Katherine Sozou, and William James Harris of McGrath Nicol as receivers and managers of the digital assets.
In the proceeding, ASIC seeks interim and final injunctions against the NGS Companie and declarations that the company contravened s 911A of the Corporations Act by carrying on a financial services business without a license.
The next hearing will be on July 16.
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