You’re in Trouble: ASIC Takes Action Against Collapsed Crypto Mining Companies 🛡️
ASIC has initiated legal proceedings against three crypto-mining companies collectively known as NGS Companies. The companies, along with their directors – Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing action from ASIC in the Federal Court.
Crypto Mining Collapse: Investors Left with $41 Million Loss 📉
It has been reported that the collapse of the crypto mining firms has left 450 investors in the red, collectively owing more than $41 million. The companies allegedly persuaded investors to set up self-managed super funds (SMSFs), only to convert them into cryptocurrency investments.
- Investors are at significant risk of financial loss
- ASIC holds the companies responsible for violating financial service regulations
Three Other Crypto Funds Liquidated in Australia 🇦🇺
Apart from the NGS Companies, three other crypto funds in Australia – DCA Capital, Digital Commodity Assets, and the Digital Commodity Assets Fund have also faced liquidation. These funds collectively owe investors more than $150 million and have appointed liquidators to manage their affairs.
- The collapse of these funds has raised concerns about investor protection
- Investors are urged to be cautious while investing in crypto-related assets
Hot Take: The Aftermath of Crypto Mining Company Collapses 💰
The collapse of several crypto mining companies in Australia has raised significant concerns about investor protection and regulatory compliance in the cryptocurrency industry. ASIC’s actions against these companies and their directors highlight the need for greater scrutiny and oversight in the sector.
Sources:
– ASIC Media Release
– ASIC Twitter
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