Processor and graphics giant Nvidia has agreed to pay $5.5 million to the SEC (US Securities and Exchange Commission) to resolve a dispute over the impact of cryptocurrency mining on revenues. of the company.
With the agreement, Nvidia puts an end to the lawsuits, but neither admits nor denies the accusations presented by the SEC.
The regulator accused the tech company of not disclosing that cryptocurrency mining was a crucial element in the surge in sales of its graphics processors in its April-September 2018 financial results.
“Nvidia’s infringements have deprived investors of critical information to assess the company’s financial situation in an important market,” said Kristina Littman, director of the SEC’s cybersecurity and cryptocurrency department.
Mining is the process of creating new blocks on the blockchain, which makes cryptocurrency transactions secure. Miners get financial rewards.
The SEC announced this Tuesday (3) that it has practically doubled the number of employees in the areas of cybersecurity and cryptocurrencies, allocating 50 people to the sector.
Contacted by AFP, Nvidia declined to comment.
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