NGS Crypto, an Australian crypto company, recently changed its name to “Hiddup” amidst legal scrutiny by the Australian Securities and Investments Commission (ASIC). The rebranding was reportedly prompted by a trademark dispute, however, it also coincides with ASIC’s investigation into financial misconduct involving approximately $41 million owed to investors.
ASIC’s legal action has frozen assets belonging to NGS Crypto’s directors—Mark Ten Caten, Brett Mendham, and Ryan Brown— alongside the company’s funds earlier this year. This action followed allegations that NGS Crypto and its affiliated companies operated without the necessary Australian financial services license.
These entities purportedly encouraged Australians to invest in digital assets through self-managed superannuation funds, promising fixed returns through blockchain mining packages.
ASIC’s preliminary findings suggest that over 450 Australians invested around $41 million through NGS Crypto’s schemes. In response, ASIC seeks injunctions to halt NGS Crypto’s operations until it complies with regulatory requirements.
To manage the fallout, McGrathNicol has been appointed as receivers by the Federal Court to aid creditors in recovering their funds. Additionally, Brett Mendham’s passport has been confiscated, and efforts are ongoing to locate the missing $41 million.
NGS Crypto’s decision to rebrand as Hiddup comes amidst these legal challenges and a prior dispute with NGS Super, a separate superannuation fund. NGS Super had taken legal action against NGS Crypto in 2022, accusing them of trademark infringement and misleading investors by implying an association with NGS Super.
Despite these legal battles, Hiddup continues to advertise blockchain mining investment opportunities with promised annual returns ranging from 6 to 16 percent on its website.
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