Organizations in the cryptocurrency space are no stranger to controversies. Since the inception of Bitcoin in 2009, the industry has been hit by multiple lawsuits and scrutinies by regulatory bodies.
This time, however, one of the companies in the cryptocurrency space received a massive win. Just recently, the U.S. District Judge of Oakland, California, ruled that there was no evidence against Nividia to convict the company in the 2019 mining chip lawsuit.
On March 17, Judge Haywood Gilliam of the District Court of Oakland, California stated that Nvidia was not guilty of skewing the market to project more revenues.
According to the claims, the investors involved could not prove that Nvidia’s earning came from cryptocurrency enthusiasts. The chips designed by Nvidia are actually used by videogames for high-performance gaming.
Back in December, Nvidia had said that investors were nitpicking corporate statements made in earlier meetings. The chip manufacturer reiterated its claims that all of its reports and numbers were correct because they believed in transparency.
The company’s legal counsel had said that investors should not rely on “speculative expectations of third-party analysts” as part of their lawsuit.
Nvidia’s lawyer had initially said that the revenue from the cryptocurrency sector was small for the company but its impact overall was significant.
The digital asset earnings were the reason that Nvidia missed its earnings during the last fiscal year. Judge Haywood Gilliam’s verdict is a one-eighty on the earlier speculation that the investors had a solid case on their hands.