Australian NGS blockchain mining company liquidated by court for illegal operations

DeepFlowTech · 2025-12-30T01:07:45+00:00

The federal court has ruled that NGS Group and its affiliated companies engaged in illegal financial services operations, and they have been permanently banned and ordered to liquidate. Approximately 450 investors lost AUD 59 million. ASIC is investigating the responsible parties.

DeepFlowTech

2025-12-30 01:07:45

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Deep Tide TechFlow News, December 30th, the Federal Court ruled that NGS Group Limited and its affiliates NGS Crypto and NGS Digital operated financial services illegally without holding an Australian Financial Services License (AFS). They are now permanently prohibited from engaging in related activities and ordered to liquidate. It is reported that approximately 450 Australian investors invested about 59 million AUD through these companies, most of which were invested via self-managed superannuation funds encouraged by NGS. The court has appointed professionals from McGrathNicol as liquidators to handle the company’s assets and return funds to investors as much as possible. ASIC Deputy Chair Sarah Court stated that NGS companies completely disregarded Australian financial services laws, leaving investors without basic protections. Investigations into the company and its directors are still ongoing.

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