Cash App has been accused of fraud in a report that caused its parent company Block’s stock to plummet. Hindenburg Research recently revealed they led a two-year investigation and found that Cash App “made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.” The report published that “former employees estimated that 40% to 75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.” The app’s popularity in rap songs may have been a part of their exposure. For example, the platform is named dropped in several rap songs tied to lyrics about drug trafficking and paying hit men. Parent company Block even embraced the controversy by promoting a video for a literal song called “Cash App,” which talks about paying contract killers through the app. YPulse’s Fintech report data shows that over a third of Gen Z and Millennials have used Cash App. (Fast Company)
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