EU prosecutors investigate Northern Data's €500 million GPU procurement case

Jinse Finance reported that, according to informed sources, last week's raid on the offices of Northern Data AG was part of a criminal investigation focusing on whether the company illegally claimed approximately 500 million euros (about 586 million US dollars) in tax breaks for high-performance computing chips. The sources stated that European prosecutors are reviewing Northern Data's purchase of graphics processing units (GPUs) for a project in northern Sweden. They are investigating whether Northern Data, backed by stablecoin issuer Tether Holdings SA, obtained tax breaks by claiming these chips were used for artificial intelligence, while in reality, the chips were used for cryptocurrency mining.