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

Golden Finance reports that sources reveal the raid on Northern Data AG's offices last week was part of a criminal investigation, focusing on whether the company illegally declared a tax relief of approximately 500 million euros (about 586 million dollars) for high-performance computing chips. Informed sources indicate 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 the stablecoin issuer Tether Holdings SA, obtained tax breaks by claiming these chips were for artificial intelligence when, in fact, they were used for cryptocurrency mining.