Australian crypto company NGS Crypto has rebranded to “Hiddup” during a $62 million investigation and ongoing legal action by the Australian Securities and Investments Commission (ASIC). The rebranding is attributed to a trademark dispute with NGS Super, aiming to differentiate the business and avoid confusion.

ASIC’s Investigation and Legal Action

Since 2018, NGS Crypto has promised returns of 6% to 16% per annum through blockchain mining packages, targeting Australian investors who want to create self-managed superannuation funds. ASIC alleges that NGS violated laws by providing financial services without the necessary license. The company only held a license for six months as an authorized representative of Sydney-based Sapien Capital Partners.

In April 2024, ASIC secured freezing orders over NGS Crypto’s digital assets, fearing the invested funds were at risk. The Federal Court appointed McGrath Nicol as receiver to manage these assets. Additionally, Brett Mendham is prevented from leaving Australia, while Mark Ten Caten is believed to be in Bali.

Continued Operations and Regulatory Concerns

Despite legal challenges, Hiddup continues to advertise returns of 6% to 16% per annum through blockchain mining on its website. ASIC’s case is strengthened by the company’s language guaranteeing returns, which may trigger financial advice laws. 

Hiddup.com EBM Domain Advantage in Hiddup’s Rebranding

The new name “Hiddup” may be derived from the words “hidden” and “up,” suggesting a focus on security, upward growth, and a sense of protecting investments and promoting positive returns while distancing the company from past controversies and legal challenges.

The company invested in the Exact Brand Match (EBM) domain name Hiddup.com to enhance credibility, foster trust, and facilitate transparent communication. EBM domains are powerful tools that provide a professional and reliable online presence. With Hiddup.com, Hiddup aims to distance itself from past controversies and build a solid foundation for future growth by establishing a clear and trustworthy new digital identity.

Future Outlook

While the rebrand is claimed to be due to a trademark dispute, it coincides with significant legal action from ASIC, aiming to protect investors and enforce financial regulations. The future of Hiddup remains uncertain as legal proceedings continue.

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