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Block shares plunge after Hindenburg says Jack Dorsey’s company facilitates fraud

Shares of Jack Dorsey’s Block plunged over 18% after short-seller Hindenburg Research announced the payment company was its latest short position, alleging that the company allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting userbase, a key metric of performance. The short-seller described Block’s know-your-customer efforts as a ”‘Wild West’ […]