Northern Data Slumps as Market Manipulation Allegations Surface

[Dn.Salah706]

Investors in Northern Data have lost about $300 million this week as shares of the provider of high-performance computing services to bitcoin miners slumped after media reports that BaFin, Germany’s financial regulator, accused the company of market manipulation.

Shares of the company have lost more than 25% since German finance publication Wirtschaftswoche said on Friday that BaFin filed a complaint with the public prosecutor’s office in Frankfurt. A spokesperson for the prosecution office told the Financial Times that the criminal complaint it had received pointed to a misleading “ad hoc release” that Northern Data published in 2019.click