Australian NGS blockchain mining company liquidated by court for illegal operations
According to TechFlow, on December 30, a federal court ruled that NGS Group Limited and its affiliated companies NGS Crypto and NGS Digital had illegally operated financial services businesses without holding an Australian Financial Services (AFS) license, and have now been permanently banned from engaging in related activities and ordered to be liquidated. Reportedly, around 450 Australian investors invested approximately AUD 59 million through these companies, most of which was invested via self-managed superannuation funds encouraged by NGS. The court has appointed professionals from McGrathNicol as liquidators, responsible for handling the companies' assets and returning funds to investors as much as possible. ASIC Deputy Chair Sarah Court stated that NGS completely disregarded Australian financial services laws, depriving investors of basic protections. ASIC's investigation into the company and its directors is still ongoing.
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