Australian investors have lost over A$160 million ($104 million) following the collapse of two crypto mining companies, NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd. The Australian Security and Investments Commission (ASIC) has launched civil proceedings against the companies and their directors for allegedly targeting investors to convert funds into cryptocurrency for investment in blockchain mining packages. ASIC has also moved to prevent the companies from offering financial services in Australia without proper authorization. Other Australian crypto entities, DCA Capital, Digital Commodity Assets Pty Ltd and the Digital Commodity Assets Fund, are also facing liquidation and federal court proceedings.