Nvidia, which has become one of the first brands to come to mind when it comes to graphics cards, was sued for allegedly hiding sales figures. crypto mining is still a controversial topic today. Some countries today are trying to bend the laws on this subject, while others are taking new steps to avoid the environmental hazards.

The SEC also reported that Nvidia misled investors by hiding crypto mining revenues. The company was fined by the US Securities and Exchange Commission after investigating the allegations.

Nvidia pays $5.5 million for not disclosing its activities

These allegations against Nvidia are based on the company’s 2018 financial data. The U.S. Securities and Exchange Commission (SEC) stated that the company saw a huge increase in revenue after crypto mining boomed in 2017. In addition, an investigation has been launched into Nvidia’s 2018 sales reports. According to SEC claims, Many of the company’s employees are enjoying this increase in sales and GPUs to crypto miners. He admitted he was leaving. This is where the problems started because Nvidia didn’t explicitly mention GPU sales for crypto mining.

The SEC also asked Nvidia analysts and investors about the issue and gathered information about the extent to which the company’s gaming revenues were affected by crypto mining. Nvidia, on the other hand, did not name the sale of mandeling as a factor in the success of its gaming division, leading the SEC to believe that Nvidia was deliberately displaying deceptive behavior. By the end of 2018 With the crypto market crash, the company’s quarterly earnings estimates fell by $500 million. This led to lawsuits against shareholders.

Nvidia, on the grounds that it did not explicitly mention these activities, He was fined $5.5 million by the SEC. “Nvidia’s disclosures have deprived the company’s investors of critical information to assess their important business in the market,” said Kristina Littman, SEC Head of Crypto Assets and Cyber ​​​​Unit.