May 7, 2022
The US-based tech company has agreed to pay $5.5 million in fines for not disclosing its crypto mining sales.
According to the SEC, Nvidia misled its investors by disguising its crypto mining chips sales under “gaming” category.
As a part of the settlement, Nvidia denied any wrongdoing but agreed to pay the fine and stop unlawful failures to disclose information.
The US SEC noted that the chipmaker firm did not disclose that crypto miners were responsible for its increased sales in 2018.
Nvidia’s powerful processors designed for video-game graphics are also ideal for mining cryptocurrencies like bitcoin and ethereum.
The US firm is now offering chips designed specifically for crypto mining.