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CryptoIntelligence 2024-04-13 14:53:00

Australian Investors Lose Over $100 Million as Crypto Mining Companies Collapse

Australian Investors Lose Over $100 Million as Crypto Mining Companies Collapse

Hundreds of Australian investors have lost over 160 million Australian dollars ($104 million) following the collapse of three cryptocurrency mining companies, NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd (collectively known as the “NGS companies”). This financial debacle unfolded as these entities entered into liquidation. The Australian Security and Investments Commission (ASIC) has initiated civil proceedings against the NGS companies and their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten. These companies are alleged to have enticed local investors to set up self-managed superannuation funds (SMSFs), which were then converted into cryptocurrency investments in blockchain

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