According to Foresight News, the Australian Federal Court has agreed to a petition from the Australian Securities and Investments Commission (ASIC), allowing the transfer of approximately $41 million in digital assets invested by over 450 Australians in blockchain mining company NGS Group to three experts from independent advisory and restructuring firm McGrathNicol. The ASIC has accused NGS Crypto, NGS Digital, and NGS Group of violating Australian law by operating without an Australian financial services license. Civil lawsuits have also been filed against the sole directors of these companies.
The ASIC clarified on Friday that the intervention of the restructuring firm does not necessarily mean that these companies have gone bankrupt. The ASIC expressed concern about the risk of fund outflows, stating that appointing a receiver is the best way to protect assets.
