09/06/2026
β οΈ URGENT WARNING FROM YOUR ACCOUNTANT β οΈ
Australians are losing millions to crypto investment scams, and a recent Federal Court case shows how easily it can happen.
In December 2025, the Federal Court wound up NGS Group, NGS Crypto and NGS Digital after finding they operated illegally for six years. More than 450 Australians invested approximately $59 million into blockchain mining schemes that promised fixed returns. The companies held no AFSL licence, and investors were encouraged to use SMSFs to invest retirement savings. Liquidators have now been appointed, and it remains uncertain how much investors will recover.
π¨ RED FLAGS TO WATCH FOR:
β Guaranteed returns or fixed profits
β Crypto mining packages promising passive income
β Pressure to invest your superannuation
β Online friends or romantic interests promoting investments
β Referral bonuses for recruiting others
β No ASIC licence or registration
β Problems withdrawing your money
β Requests to pay fees to unlock funds
If youβve been approached by a crypto investment promoter, stop and do your research first.
β
Keep all records and screenshots
β
Check ASIC and Moneysmart warnings
β
Report suspicious activity to Scamwatch and ASIC
The golden rule: if the returns sound too good to be true, they probably are!