Australians have lost millions in an unlicensed cryptocurrency scheme that targeted self-managed superannuation funds (SMSFs). The Federal Court has ordered the liquidation of NGS Crypto and associated firms after over 450 investors contributed $40.2 million, with only $4.6 million in cryptocurrency recovered. The scheme promised annual returns of 16% through blockchain mining. The Australian Securities and Investments Commission (ASIC) investigated the firm for fund mismanagement, and the court identified significant operational flaws. Liquidators from McGrathNicol have been granted expanded powers to trace assets, although recovery efforts are hindered by market volatility and locked funds. Freezing orders have been issued against directors, including Ryan Brown. Investors are advised to contact McGrathNicol for further assistance. This case underscores the need for enhanced regulatory oversight similar to CFT and MiCA frameworks.