ASIC Investigates Rebranding of NGS Crypto to Hiddup Amid Financial Concerns

​The Australian Securities and Investments Commission (ASIC) has launched an investigation into the rebranding of NGS Crypto to Hiddup, citing concerns over potential financial misconduct. ASIC's scrutiny extends to NGS Crypto Pty Ltd and related entities, including NGS Digital Pty Ltd and NGS Group Limited (based in Hong Kong), amid allegations that funds from Australian investors may have been misappropriated.​

Effective July 1, 2024, NGS Crypto's website now redirects visitors to Hiddup's platform, marking a significant transition for the blockchain mining company. ASIC's investigation is focused on determining whether the companies operated a financial services business without the requisite Australian Financial Services Licence (AFS Licence), a potential breach of regulatory requirements.

According to Fazzaco’s reports throughout June, the Aussie watchdog has revoked the AFS license of XTrade​, Aussie Wealth Super​, Haywards Audit​ and Sug Ou Jeung (individual)​.