Australian Court Hands Over $41 Million of Crypto Held by Blockchain Mining Group at Regulator's Request
Summary
The Australian Federal Court has approved a request from the Australian Securities and Investment Commission (ASIC) to transfer around $41 million in digital assets invested by over 450 Australians with the NGS group of blockchain mining companies to three specialists from McGrathNicol, an independent advisory and restructuring company. The ASIC has initiated civil proceedings against NGS Crypto, NGS Digital, and NGS Group and their sole directors for allegedly breaching Australian law and providing financial services without an Australian financial services license. The ASIC has not sought a ban on the companies but has requested interim and final injunctions preventing them from operating without a license.
