Hiddup Rebrands Name Amid $41 Million Investigations with Australian Authorities

Australian Crypto Hiddup NGS Crypto
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Jimmy Aki
Author Categories
About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Australian crypto company NGS Crypto rebranded to Hiddup on June 25, following investigations into the company’s operation and legal issues with the Australian Securities and Investments Commission (ASIC).

NGS Crypto announced that it changed its name to Hiddup due to a trademark dispute with NGS Super, a superannuation fund. The Hiddup rebrand is amid a major case with the ASIC in which NGS Companies collapsed into liquidation, leading to debt of around 61 million Australian dollars ($41 million) in interest to investors.

Hiddup Rebrands Amid Investigation

ASIC filed a lawsuit on April 9 against three entities tied to NGS – NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd after their collapse. The Australian regulator accused the companies of encouraging Australians to create self-managed superannuation funds, converting these into digital assets, and investing in blockchain mining packages promising fixed returns.

ASIC alleged that the NGS companies operated without an Australian financial services license, violating the country’s laws.

The regulators seek interim and final injunctions to halt the company’s operations until they comply with regulatory requirements.

This also led to the freezing of the company’s funds and assets, which belong to its directors, Mark Ten Caten, Brett Mendham, and Ryan Browns.

The State of Crypto in Australia

Australians have shown a strong interest in cryptocurrency, with over one million owning at least one crypto asset.

The largely unregulated and volatile crypto market poses major consumer risks, exemplified by the collapse of major exchanges, intensifying calls for stricter regulations.

Cryptocurrencies in Australia are primarily treated as investments, with a 2022 ASIC survey finding crypto to be the second most common investment product after Australian shares.

Despite this popularity, many investors may not fully understand the speculative nature of these assets. Notably, the ASIC Chair highlighted the need for regulation to protect investors from widespread ignorance of the risks involved.

High-profile collapses, such as FTX, which impacted 50,000 Australians, have shaken market confidence. Crypto values are subject to dramatic fluctuations influenced by factors as trivial as tweets.

In response to these challenges, Australia has made progress on crypto regulation. The federal government has initiated a ‘token mapping’ exercise to categorize digital assets and determine appropriate regulations.

Plans include introducing a custody regime for digital assets and licensing for crypto exchanges.

The government has also clarified the tax treatment of crypto assets, ensuring they are subject to capital gains tax (CGT), requiring detailed tracking of transactions to determine gains or losses.

More Articles

Altcoin News
Brazil’s B3 Stock Exchange to Launch Bitcoin Options and Futures for ETH and SOL
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-10 12:05:00
Bitcoin News
University of Austin Launches $5M Bitcoin Investment Fund for Endowment
Hassan Shittu
Hassan Shittu
2025-02-10 11:06:46
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors