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A report following a two-year investigation from Hindenburg Research claimed digital payments company Block had “systematically taken advantage of the demographics it claims to be helping,” alleging the firm inflated its user metrics and facilitated fraud.
According to the March 23 report, Hindenburg Research said Block’s practices allowed users to set up fraudulent accounts, catering to many criminals who used the platform to steal funds. The report suggested that Block insiders, including co-founders Jack Dorsey and James McKelvey, chief financial officer Amrita Ahuja, and Cash App manager Brian Grassadonia, had sold more than $1 billion of the firm’s stock, whose price rose “on the back of its facilitation of fraud.”
