Australian crypto company NGS Crypto has rebranded itself as "Hiddup" amid an investigation and lawsuit by the Australian Securities and Investments Commission (ASIC). 🕵️‍♂️

• On June 25, NGS said the renaming was due to a trademark dispute.

• This comes amid an ASIC case involving A$61 million ($41 million) in debt owed to investors.

• In April, the assets of the company's directors and the firm's funds were frozen.

ASIC accuses NGS of breaking the country's laws by providing financial services without a licence. ASIC is therefore seeking temporary and permanent injunctions against NGS continuing to operate without an appropriate licence.

In response to these developments, the Federal Court appointed advisory and restructuring firm McGrathNicol as receivers to assist creditors in recovering funds.

The passport of one of the directors was seized, and authorities continue to search for the missing $41 million.