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US Federal Prosecutors Investigate Block Inc. for Compliance Violations
US federal prosecutors are conducting an investigation into Block Inc., the fintech company founded by Twitter co-founder Jack Dorsey. The investigation follows allegations of compliance violations at Block's payment arms, Square and Cash App. A whistleblower has provided documents showing that Block processed transactions for users in countries subject to economic sanctions and facilitated crypto transactions for terrorist groups. The company is accused of failing to address these breaches despite being alerted to them.
Former CTO of Square and Creator of Cash App Dies in San Francisco Stabbing
Bob Lee, former CTO of Square and creator of Cash App, died after being stabbed in San Francisco on April 4. The CEO of Abra confirmed the news on Twitter, and Jack Dorsey also expressed his condolences on the decentralized social media platform Nostr.
Block's Q2 Earnings Beat Expectations
Block, formerly Square, generated $4.4 billion in total revenue in the second quarter of 2022, beating FactSet's average analyst estimate of $4.3 billion.
Dorsey's Payments Firm Block Starts to Begin Mining Bitcoin
Block Inc, formerly known as Square, will begin mining Bitcoin with its mining system based on custom silicon and open source for individuals and businesses worldwide.
Public Will Not Confuse Name With H&R Block, Says Block
Block Inc, formerly known as Square, has made a formal argument at a Missouri federal court stating that its new name won't confuse potential customers with tax-preparation giant H&R Block who had filed a trademark infringement lawsuit against the financial-services company.
Dorsey's Block Sees Shares Close at More Than 8%, Marking 52-Week Low
Block shares closed down more than 8% as it marked a 52-week low on Wednesday.
H&R Block Sues Block for Trademark Infringement
Block Inc, previously called Square Inc, was sued by tax preparation company H&R Block Inc for trademark infringement.
Block Allows Cash App Users to Gift Bitcoin for the Holidays
This holiday season, Cash App will enable its users to gift both crypto and stock to other users of the app.
Square Becomes Block a Week after Dorsey's Exit as Twitter CEO
Square Inc, originally a credit card-reader business, renames itself as Block Inc as it plans to broaden its services towards blockchain, music and cash transfers.
Square's Cash App Generated $1.82 Billion of Bitcoin Revenue
The well-known payment giant Square released its third-quarter financial report, showing that the mobile payment application Cash App under Square achieved $1.82 billion in Bitcoin revenue.
