Australian Crypto Mining Companies Collapse into Liquidation Owing 450 Investors

The Australian Securities and Investments Commission (ASIC) has received approval from a Federal Court to appoint receivers for digital assets held by a group of collapsed crypto mining companies and their sole owners. ASIC launched civil proceedings against three crypto-mining firms, collectively known as NGS Companies. The crypto mining firms collapsed into liquidation owing 450 investors more than USD $41 million. The companies apparently targeted investors to establish self-managed super funds (SMSFs) and then converted them into cryptocurrency. ASIC Chair Joe Longo warned investors to consider risks before using their SMSF to invest in crypto-related investments like mining.

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