Tesla, Inc. (NASDAQ: TSLA) rival and Chinese electric vehicle manufacturer NIO (NYSE: NIO) in an internal note has blamed an employee for using the company's servers to mine Ethereum (CRYPTO: ETH) since February 2021, according to CnEVPost report.
The report shared information from a Weibo blogger and revealed that the company's compliance and risk management department received a complaint on Sept. 1 last year about the server manager using the servers for cryptocurrency mining.
The company reportedly said that the server manager used the convenience of his position as administrator of a cluster of servers to mine Ether and profit from it.
Last year in October Chinese regulators banned its citizens from mining and trading cryptocurrency.
NIO said the employee has admitted his actions and is suspected of being illegal and negatively impacting the company's security system, cnEVpost reported.
Price Action: According to data from Benzinga Pro, Ethereum traded 2.3% lower at $3,327.42 at the time of writing. Nio stock traded 1.16% lower at $22.21 in the pre-market session on Wednesday.
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