NGS Crypto, which sold “crypto mining packages” to interested investors, has been put into receivership. The Australian firm encouraged customers to set up a self-managed super fund — a type of retirement fund — to achieve returns they said were powered by crypto mining. The firms advertised returns of up to 16% annually, and promised that investors would receive 100% of their initial investment back at the term’s completion — even “in the unlikely event that crypto mining becomes unprofitable”.NGS and its associated business is believed to have pulled in around AU$62 million (US$42 million) from around 450 Australians.

Total loss estimated at $42,000,000.