“Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.”
Block reports 51 million monthly transacting Cash App users. Former employees say up to three quarters of the accounts they reviewed were fake, fraudulent or duplicates, and banned users simply kept their other accounts. Jack Dorsey and James McKelvey sold over $1 billion of stock during the pandemic run-up. Hindenburg is short the shares, and Block’s own metrics handed it the case.