Investment firm Hindenburg Research released a scathing hit piece on Cash App owners Block (fka Square), accusing the app of faking user counts and being a hub for illegal activity. Block’s stock dropped 15% after its release.

As evidence, they published a video compilation of rappers mentioning using Cash App for illegal activities, including 22gz, Lil Durk, TeejayX6, Freddie Gibbs, and others:

Core to the issue is that Block has embraced one traditionally very “underbanked” segment of the population: criminals.

Is this a dogwhistle to scare white investors? Probably tbh. Is it also funny? Yes.

Lemme tell y'all bout this one time at walmart

Hit so many juggs on cash app they banned me from using my real name

My cash app say Tony snell

s/o cashapp tho

venmo trying to be a social media app corny af and paypal janky af

Lol this when I'm against using lyrics in court. F*** is this

Lock Kendrick and drake up too for making us do that cash app bullshit for tickets

cashapp scammed cashapp

Court? This is investor reports

Also

To test this, we turned our accounts into “Donald Trump” and “Elon Musk” and were easily able to send and receive money. We ordered a Cash Card under our obviously fake Donald Trump account, checking to see if Cash App’s compliance would take issue—the card promptly arrived in the mail.

Crine at them change the name from Square to Block

tap in

Using street rappers to promote a cash app is definitely a move

Considering Jack Dorsey literally used rap references as promo according to the article, prolly not for investors

F*** these writers. Don’t f*** up cash app for us

That s*** convenient as hell. Mind yo own damn business

More like decapitate the CEO of Ticketmaster on live TV

wait till they find out about telegram

So are banks, phone companies, Stripe, Venmo, and any place that handles cash. What's their point?

That’s kinda racist

Need this playlist

Venmo doesn’t handle cash

Investors mad niggas is being entrepreneurial scammers ?

I mean if cash app goes down the entire d*** trade is f***ed for a few days/weeks

Probably not a reach tbh

How many illegal activities I did thru cash app.😂😂

All that stuff is dealt in bitcoin and other cryptocurrencies lol. Cashapp is used more for scams