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Nvidia Fined $5.5 Million For Inadequate Cryptomining Disclosures

Skylar Shaw

May 07, 2022 09:51


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The US Securities and Exchange Commission (SEC) said on Friday that Nvidia Corporation has agreed to pay $5.5 million to resolve civil claims that it failed to properly disclose the effect of cryptomining on its gaming business.


The SEC claimed in a statement and charging order that Nvidia failed to disclose that cryptomining constituted a "substantial factor" of revenue growth from sales of gaming processors in back-to-back quarters in fiscal 2018.


The company agreed to pay a $5.5 million civil penalty without admitting or denying the SEC's allegations. Nvidia's representative in Santa Clara, California, refused to comment.


According to the SEC, Nvidia's processors became popular for cryptomining in 2018, which is the practice of earning cryptocurrency in return for confirming transactions on distributed ledgers.


According to the regulator, Nvidia was aware of the information but failed to discuss it with investors.


According to the SEC, these omissions misled investors and analysts who were interested in learning more about the effect of cryptomining on Nvidia's business.

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