Nvidia Corporation has agreed to pay $ 5.5 million (approximately 42 rupees) to settle civil allegations that the technology company did not properly disclose the impact of cryptocurrency mining on its gaming business, the US Securities and Exchange Commission said Friday. SEC).

In the coming quarters of fiscal 2018, Nvidia failed to reveal that cryptomine was a “significant element” in the growth of its revenue from sales of gaming chips, according to a statement from the SEC and a charging order.

The company, which did not acknowledge or deny the SEC’s findings, agreed to pay a $ 5.5 million civil penalty (approximately Rs 42). A spokesman for the Santa Clara, California-based Nvidia declined to comment.

In 2018, Nvidia’s chips became popular for cryptocurrency mining, a process of receiving crypto rewards in exchange for checking transactions in distributed registries, the SEC said. The regulator claims that Nvidia knows this information, but failed to share it with investors.

These omissions have misled investors and analysts who were interested in understanding the impact of cryptocurrency on Nvidia’s business, the SEC said.

© Thomson Reuters 2022


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