Popular crypto retirement company abruptly shut down during Christmas

Core Viewpoint - An Australian court has ordered the shutdown of NGS Crypto, a digital asset company, after it was found to have operated an unlicensed financial services business, resulting in significant losses for investors [1][2][4]. Group 1: Company Operations - NGS Crypto marketed itself as a crypto-based retirement solution, promoting "digital mining packages" with claims of fixed annual returns of up to 16% and assurances of principal return [3][6]. - The company attracted over 450 investors over approximately six years, many of whom were encouraged to transfer retirement savings into the scheme using self-managed retirement accounts [5]. Group 2: Legal Findings - The Federal Court found that NGS Crypto was operating without the necessary financial services license, violating securities and consumer protection laws [4][7]. - Justice Berna Collier highlighted that the company's structure and conduct posed a serious risk to investors, leading to the court's decision for immediate intervention [7][8]. Group 3: Financial Recovery - Liquidators recovered only $4.4 million of an estimated $40 million invested by the public, indicating a significant shortfall in investor returns [1].