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      Crypto and the US government are headed for a decisive showdown

      news.movim.eu / ArsTechnica · Tuesday, 9 August, 2022 - 13:52

    Crypto and the US government are headed for a decisive showdown

    Enlarge (credit: Elena Lacey | Getty Images)

    If you have paid casual attention to crypto news over the past few years, you probably have a sense that the crypto market is unregulated—a tech-driven Wild West in which the rules of traditional finance do not apply.

    If you were Ishan Wahi, however, you would probably not have that sense.

    Wahi worked at Coinbase, a leading crypto exchange, where he had a view into which tokens the platform planned to list for trading—an event that causes those assets to spike in value. According to the US Department of Justice, Wahi used that knowledge to buy those assets before the listings, then sell them for big profits. In July, the DOJ announced that it had indicted Wahi, along with two associates, in what it billed as the “first ever cryptocurrency insider trading tipping scheme.” If convicted, the defendants could face decades in federal prison.

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      SEC fines Nvidia $5.5M for misleading investors about GPU sales to crypto miners

      news.movim.eu / ArsTechnica · Friday, 6 May, 2022 - 17:23

    SEC fines Nvidia $5.5M for misleading investors about GPU sales to crypto miners

    Enlarge (credit: Getty Images)

    Nvidia has agreed to pay $5.5 million in fines to the United States Securities and Exchange Commission to settle charges that it failed to disclose how many of its GPUs were being sold for cryptocurrency mining, the agency announced today .

    These charges are unrelated to the current ( slowly ebbing ) crypto-driven GPU shortage. Rather, they deal with a similar but smaller crypto-driven bump in GPU sales back in 2017.

    The agency's full order ( PDF ) goes into more details. During its 2018 fiscal year, Nvidia reported increases in its GPU sales but did not disclose that those sales were being driven by cryptocurrency miners. The SEC alleges that Nvidia knew these sales were being driven by the relatively volatile cryptocurrency market and that Nvidia didn't disclose that information to investors, misleading them about the company's prospects for future growth.

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