Jack Dorsey's company, Block, was short-listed by Hindenburg Research on Thursday, alleging that the payment company facilitates criminal activity and "highly" inflates its transacting user base, a key metric of performance. Hindenburg alleges that Block's Cash App thrived on serving "unbanked" customers, and that its compliance programs were deficient during the Covid pandemic. The report also alleges that Cash App's lockdowns "posed an existential threat" to Block's merchant services business. Block responded to the report later on Thursday, stating that it intends to work with the SEC to explore legal action against Hindenburg Research.

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