The NGS Crypto platform, operating across Australia, Indonesia, and beyond, is currently under investigation by the Australian Securities and Investments Commission (ASIC) following serious allegations of unlicensed financial services and systemic fraud.

Allegations and ASIC’s Intervention

ASIC alleges that NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd (a Hong Kong-registered entity) operated a blockchain mining investment scheme without the required Australian Financial Services Licence (AFSL). These companies reportedly encouraged more than 450 Australians to roll over approximately AUD 60 million from regulated superannuation funds into self-managed super funds (SMSFs), investing the funds into cryptocurrency mining packages that falsely promised fixed returns of up to 16% per annum.

In April 2024, the Federal Court granted ASIC’s application to appoint receivers over the digital currency assets of the companies and their directors — Brett Mendham, Ryan Brown, and Mark Ten Caten. This action aimed to protect investor funds from dissipation and facilitate an orderly legal resolution.

Rebranding Amidst Scrutiny

In July 2024, amid rising scrutiny, ASIC issued a public warning after discovering that NGS Crypto had quietly rebranded as “Hiddup.”

The rebranding followed a trademark dispute with NGS Super, a legitimate Australian superannuation fund, which had accused NGS Crypto of deliberately misleading investors into believing there was an affiliation between the two entities.

Despite these legal developments, Hiddup continues to promote high-yield crypto investment products on its website — a fact that continues to alarm regulators and investors alike.

A Global Scheme with International Reach

NGS Crypto claimed operations not only in Australia and Indonesia, but also in Hong Kong and South Africa, with registered offices promoted on their websites. While ASIC has taken the lead, it’s likely that international regulators will follow suit as the full scope of the operation becomes clearer.

CFTC Report’s Call to Action

CFTC Report’s is launching a worldwide investigation into the NGS Crypto fraud. We are currently engaging with authorities and legal experts across jurisdictions to gather evidence, expose wrongdoing, and build strong cases aimed at recovering stolen investor funds.

If you invested with NGS Crypto, NGS Digital, or Hiddup — or if you were encouraged to transfer your superannuation into one of their crypto investment packages — we want to hear from you.

Victims are urged to contact CFTC Report immediately to register their complaint and join a coordinated recovery effort. Your information may be vital to securing justice and ensuring those responsible are held accountable.

Submit your enquiry at:

www.cftc.report/book-a-consultation