Hindenburg Research published a report on Jack Dorsey’s Block Inc., claiming that its products are more conducive to crime than technological advances.
Block had “exploited demographics,” Hindenburg concluded after a two-year investigation that had “facilitated fraud against consumers and governments, circumvented regulations, imposed unfair loan terms and fees as a technology to revolution and misleading investors.”
Block Inc. responded to the report saying: It said it was “factually inaccurate and misleading” and said it would take legal action.
“Hindenburg is known for this type of attack. which only profits from falling stock prices,” Block said in a statement.declaration “We reviewed the full report. and believes that this report is designed to deceive and confuse investors.”
The research also claims that Block Inc. exaggerates the number of users. “Former employees estimate that 40%-75% of the accounts they review are fake. and involved in fraud,” Hindenburg said.
Dorsey’s company “created confusion about the number of people on the Cash App platform, with reports This is a misleading ‘active transaction’ full of fake and duplicate accounts,” the company added.
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