Australian court hands over $41 million in cryptocurrencies held by NGS-owned crypto mining company

The Australian market regulatory agency has filed a civil lawsuit against NGS Group's blockchain mining company, accusing it of violating the law and not obtaining the appropriate license to provide financial services. Over 45 million US dollars of digital assets invested by more than 450 Australians have been handed over to three experts from the independent consulting and restructuring company McGrathNicol for management.

The Australian Securities and Investments Commission (ASIC) has accused NGS Crypto, NGS Digital, NGS Group, and the company's sole directors: Brett Mendham, Ryan Brown, and Mark Ten Caten of violating the law.

ASIC has conducted an investigation into the company and has not yet requested a complete ban on the operation of these companies, but has requested temporary and final injunctions to prohibit their operation without a license.