December 1, 2022

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Nvidia fined $5.5 million for hidden crypto profits from 2018

Nvidia fined $5.5 million for hidden crypto profits from 2018

Nvidia has reached a settlement with the US Securities and Exchange Commission, accusing Team Green of failing to determine how the 2017-2018 crypto boom had affected the company’s financial results. Without admitting or denying the Securities and Exchange Commission’s findings, Nvidia agreed to pay a fine of $5.5 million.

During fiscal 2018, Nvidia’s gaming division experienced strong growth. However, according to the Securities and Exchange Commission, the company did not disclose that a significant portion of this increase was generated by selling GPUs to crypto miners. Accordingly, investors have misunderstood the financial situation, given the volatility of cryptocurrency mining.

The GTX 1000 series from Nvidia was in great demand for cryptocurrency mining.

The SEC also notes that omitting this significant growth was misleading, as Nvidia released data on how other sectors grew due to demand for cryptocurrencies. This created the impression that the company’s gaming-related products were not significantly influenced by crypto miners.

For Nvidia, that amount is perhaps a slap on the wrist, as the manufacturer generated $3 billion in profit in 2018. In fiscal year 2022, which ended Jan. 30, 2022, at least $26 billion in sales were generated — as well as Net income $9.7 billion.

Securities and Exchange Commission

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