Nvidia accused of concealing billions in profits from cryptocurrency mining

The U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) have urged the Supreme Court to allow the continuation of a class action lawsuit by investors against Nvidia. The tech giant is accused of concealing more than $ 1 billion in revenue from the sale of GPUs used for cryptocurrency mining. The case began in 2018 and is currently ongoing in the US Supreme Court, Cointelegraph reports.

According to government agencies, the lawsuit contains sufficient evidence for further consideration, so they urged the court to reject Nvidia’s attempts to overturn the decision of the appellate court, which had previously reopened the case after its initial closure. The main topic of the lawsuit is the allegation that Nvidia concealed its sales to crypto miners, which became apparent after the cryptocurrency market collapse in 2018.

Nvidia is trying to refute these allegations, claiming that the lawsuit is based on false information, but the Department of Justice and the SEC deny this claim. They also note that investors have strong evidence, including testimony from former Nvidia executives and a Bank of Canada report that indicates the company’s revenue was underestimated by $ 1.35 billion.

In addition to government agencies, investors are supported by former SEC officials and other organizations that emphasize the importance of private enforcement in ensuring the integrity of the U.S. capital market.