Block Is Struggling After The Fraud Accusations

Block deceived the market about the true number of consumers and used predatory offers to accelerate growth during the Covid-19 epidemic. In a research issued on Thursday, the notorious short-selling firm Hindenburg Research targeted Block, the startup of former Twitter CEO Jack Dorsey, accusing the company of fraud, abusive activities, and artificially boosting the number of subscribers.
“In essence, we believe Block deceived investors on key metrics, engaged in predatory bidding, and engaged in the worst compliance practices to drive expansion and profit from assisting fraud against customers and the government,” Hindenburg stated.

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