The SEC accused Ideanomics of reporting more than $40 million in revenue in 2019 through false accounting related to crypto-asset transactions. This false reporting resulted in financial statements being overvalued, deceiving shareholders and the public into misunderstanding the company's financial health. According to reports, all parties involved in the case agreed to settle, neither admitting nor denying the SEC's findings. Former chairperson and CEO Bruno Wu agreed to pay more than $3.30 million in illegal gains, pre-judgment interest and a $200,000 fine. Ideanomics agreed to pay a $1.40 million fine and will hire independent compliance consultants to review and strengthen its internal accounting controls.