Hindenburg says Block confirmed user accounts ‘inflated’

"Rather than refute the key issues, Block’s response instead confirmed much of our analysis and avoided addressing the rest of it," short seller Hindenburg Research said in a new report. The firm says Block’s yesterday disclosed for the first time that the company has internal estimates of the number of users on the Cash App platform that "differ widely" from the number of "transacting actives" disclosed publicly to investors as its key user metric. Block’s latest disclosure "makes clear that customer acquisition costs had been artificially lowered by inflation of the number of users on the platform," the firm says in a new report posted on its website. Reference Link