The corporate watchdog raided a gold coast-based cryptocurrency miner, which allegedly encouraged investors to put their super into crypto products without a financial licence, amid fears $62 million put in by savers would disappear.

The Australian Securities and Investments Commission obtained Federal Court orders this month to have insolvency and advisory firm McGrathNicol appointed receivers of NGS Crypto’s digital assets, which the corporate regulator alleged was the best way to protect assets that are “at risk of dissipation”.

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