{"id":23558,"date":"2024-06-25T22:45:54","date_gmt":"2024-06-25T19:45:54","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23558"},"modified":"2024-06-25T21:39:45","modified_gmt":"2024-06-25T18:39:45","slug":"australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation\/","title":{"rendered":"Australian Crypto Firm NGS Crypto Rebrands to &#8220;Hiddup&#8221; Amid ASIC Investigation"},"content":{"rendered":"<p>Under continuous inquiry and legal action by the <strong>Australian Securities and Investments Commission (ASIC),<\/strong> Australian cryptocurrency startup <strong>NGS Crypto<\/strong> has changed its name to &#8220;<strong>Hiddup<\/strong>&#8220;. The firm says the redesign results from a trademark conflict arising within an ASIC action involving around 61 million Australian dollars ($41 million) in interest owing to investors.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation\/#ASIC_Legal_Actions_and_Investigations\" title=\"ASIC Legal Actions and Investigations\">ASIC Legal Actions and Investigations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation\/#Legal_Reaction_and_Regulatory_Change\" title=\"Legal Reaction and Regulatory Change\">Legal Reaction and Regulatory Change<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation\/#Historical_Background_and_past_Legal_Action\" title=\"Historical Background and past Legal Action\">Historical Background and past Legal Action<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"ASIC_Legal_Actions_and_Investigations\"><\/span>ASIC Legal Actions and Investigations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The assets of <strong>NGS<\/strong> Crypto&#8217;s directors, Mark Ten Caten, Brett Mendham, and Ryan Brown as well as the company&#8217;s money were frozen in April. Following their dissolution, ASIC sued three connected crypto mining companies: NGS Crypto Pty LTD, NGS Digital Pty LTD, and NGS Group LTD. These businesses reportedly pushed Australians to establish self-managed superannuation accounts, turning them into digital assets for fixed return blockchain mining projects.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-etf-outflows-total-174-on-sixth\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Bitcoin ETF Outflows Total $174M on Sixth Consecutive Day<br \/>\n<\/span><\/em><\/a><\/p>\n<p>According to early research by <strong>ASIC<\/strong>, over 450,000 Australians made almost $41 million investments via NGS firms. By offering financial services without an Australian financial services license, NGS allegedly broke rules according the banking watchdog. ASIC wants interim and permanent injunctions to stop NGS from running without appropriate license.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legal_Reaction_and_Regulatory_Change\"><\/span>Legal Reaction and Regulatory Change<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To help creditors collect money, the Federal Court then assigned McGrathNicol, an advice and restructuring company, receivers. Mendham&#8217;s passport has also been taken and officials are still looking for the stolen $41 million.<\/p>\n<p><strong>NGS Crypto<\/strong> still promoting profits on blockchain mining on its website ranging from 6% to 16% annually notwithstanding the probe. According to the firm&#8217;s website, the renaming to Hiddup is apparently meant to help to eliminate uncertainty and distinguish the company.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Historical_Background_and_past_Legal_Action\"><\/span>Historical Background and past Legal Action<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Superannuation fund NGS Super sued NGS Crypto in 2022 for copyright infringement and law breaking by deceiving investors by thinking there was a relationship with its funds. NGS Super stated that company offers nothing linked to cryptocurrencies or associated goods. The continuous trademark conflict apparently drove NGS Crypto to rename itself as Hiddup.<\/p>\n<p>According to an <strong>ASIC<\/strong> spokesman, the commission is looking at NGS&#8217;s rebranding initiatives within the probe and is aware of them.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under continuous inquiry and legal action by the Australian Securities and Investments Commission (ASIC), Australian cryptocurrency startup NGS Crypto has changed its name to &#8220;Hiddup&#8220;. The firm says the redesign results from a trademark conflict arising within an ASIC action involving around 61 million Australian dollars ($41 million) in interest owing to investors. ASIC Legal<\/p>\n","protected":false},"author":6,"featured_media":23559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[7005,7004,7003],"class_list":["post-23558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-australian-securities-and-investments-commission-asic","tag-hiddup","tag-ngs-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian Crypto Firm NGS Crypto Rebrands to &quot;Hiddup&quot; Amid ASIC Investigation - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/australian-crypto-firm-ngs-crypto-rebrands-to-hiddup-amid-asic-investigation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Crypto Firm NGS Crypto Rebrands to &quot;Hiddup&quot; Amid ASIC Investigation - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Under continuous inquiry and legal action by the Australian Securities and Investments Commission (ASIC), Australian cryptocurrency startup NGS Crypto has changed its name to &#8220;Hiddup&#8220;. 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