Archive · 1 Oct 2025
European Prosecutors Investigate Northern Data Over Tax Claims
European authorities are looking into a company called Northern Data.
They think the company may have wrongly claimed a tax break.
Northern Data bought computer chips, or GPUs, for about €500 million.
The authorities suspect they pretended the chips were for AI, but really used them for mining cryptocurrency.
Sweden used to encourage crypto mining with tax breaks, but changed the rules.
Now, authorities are checking if Northern Data took advantage of this.
The investigation includes raids and arrests, looking into tax crimes and money laundering.
European prosecutors are investigating Northern Data AG for potential tax fraud.
The investigation centers on Northern Data's €500 million purchase of GPUs.
Authorities suspect the company wrongly claimed tax breaks intended for AI.
The investigation includes raids in Sweden and Germany and arrests.
Northern Data is majority-owned by Tether, which has stated it was unaware of the investigation.
- Who
- European prosecutors and Northern Data AG
- What
- Investigation into potential tax fraud and money laundering related to GPU purchases
- When
- Raids occurred last week; investigation spans 2021-2024
- Where
- Offices in Frankfurt, Germany, and Boden, Sweden
- Why
- Suspected misuse of tax incentives for AI, when GPUs were used for crypto mining.
- Subject of Investigation
- Northern Data AG
- Alleged Crime
- Tax fraud, money laundering
- Amount in Question
- €500 million ($586 million) in tax breaks
- Location of Investigation
- Sweden
- Company Ownership
- Majority-owned by Tether Holdings SA