ASIC files civil lawsuit against three cryptocurrency investment firms

The Australian Securities and Investments Commission (ASIC) has filed civil lawsuits against three cryptocurrency investment companies and their respective directors. The commission alleges that these three unlicensed companies persuaded 450 investors to use self-managed retirement funds to purchase cryptocurrency mining packages. According to a statement, these investors invested approximately $41 million in cryptocurrency mining packages from these three companies. The three companies are NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, with directors Brett Mendham, Ryan Brown, and Mark Ten Caten respectively. The Federal Court of Australia has appointed Anthony Connelly, Kathy Sozou, and Jamie Harris of McGrathNicol as liquidators and receivers of these three companies' digital currency assets. It is reported that appointing receivers is the best way to protect investors' assets, as their assets may be dissipated.