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Nvidia pays $ 5.5 million for “insufficient disclosures” about cryptocurrency



(Reuters) – Nvidia Corp. has agreed to pay $ 5.5 million to settle civil lawsuits as the technology company did not properly disclose the effect of cryptocurrency mining on its gaming operations, the US Securities and Exchange Commission said on Friday.

Nvidia failed to reveal that cryptocurrency was a “significant part” of its revenue growth during the back-to-back quarters during the 2018 financial year, despite having information that showed that the increase in its game sales was partly due to it, the SEC said in a statement and charge order. .

Nvidia’s failure to disclose material information misled investors and analysts who were interested in understanding the impact of cryptocurrency on Nvidia̵

7;s business, the SEC said.

The company, which did not recognize or deny the SEC’s results, agreed to pay a $ 5.5 million civil penalty. A Nvidia spokesperson did not immediately respond to a request for comment.

Cryptomining is the process of obtaining crypto rewards in exchange for verifying crypto transactions on distributed ledgers, according to the SEC website.


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