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AAP
AAP
Business
Savannah Meacham

Two cryptocurrency companies collapse owing $160m

Crypto NGS ASIC Joe Longo KordaMentha Australia the Federal Court

Two Australian cryptocurrency companies have collapsed into liquidation owing hundreds of investors more than $160 million.

The Australian Security and Investments Commission (ASIC) has launched civil proceedings against NGS companies - NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd - and the directors of these schemes - Brett Mendham, Ryan Brown and Mark Ten Caten.

NGS companies are blockchain cryptocurrency mining companies.

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