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Block: Inflated user metrics and “frictionless” fraud facilitation

hindenburgresearch.com

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Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#161

Post by inconceivable »

user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

"we round them all down and just drop the remainder... into an account that we own."

https://www.youtube.com/watch?v=yZjCQ3T5yXo

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#163

Post by user3939382 »

mtoner23 wrote: post #150
user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

can almost gaurantee you this is not fraud its an odd lot exception. If you dont do trades in round lots brokers are allowed to bunch your orders together and not give you best execution.

There is no legitimate scenario where they would be reporting the Net Amount for the same sale in two places with different numbers.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#164

Post by antisthenes »

user3939382 wrote: post #79

FYI if anyone is interested I can prove it -- Cash App is engaged in a massive stock trading fraud. I noticed one day that my books were off (down) by 1 penny. When I dug into it, I figured out that Cash App is providing their customers with conflicting reports for their stock sales. In the app, the sales report rounds pennies up, in the actual sale, whose records are only available through more complex data export p…

Isn't this the plot of Swordfish?

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#165

Post by gessha »

bfeynman wrote: post #68
hoofhearted wrote: post #50

Earlier quoted context omitted.

Correct. A scam here in Baltimore that keeps occurring is that the squeege kids will run up on someone unsuspecting and start cleaning their windshield. They will pressure the driver for a tip, and the driver will say they don’t have cash of course. They will say that’s cool, you can send me a tip. They ask the driver for their phone so they can look up their cashapp for them, and bam the driver got scammed. What’s h…

That is entirely on you if you give away your phone to those kids. I would think they would just run away with it

Ah, yes, it’s the people who got scammed who are at fault. Everyone should always be ultra suspicious of everyone around them, no happiness or fun allowed. \s

I want to live in a world where I can trust a random stranger, not suspect them of robbing me. Justifying some extra protections like a pin or a fingerprint check to finalize a transactions should not be this big of a deal.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#167

Post by jatins »

headsoup wrote: post #9
propercoil wrote: post #2

[flagged]

What? Do you know who Hindenburg are or are you just a shill account (or Bill Ackman fanboy)? Short sellers are essentially litmus tests. If you're all legit, they'll get wrecked, if you're doing dumb things, you're about to get found out.

> If you're all legit, they'll get wrecked

The first few times Hidenburg published a report, this would have been true. But now they can publish something and stock will crash just because of the fact they published something. Market is largely sentiment driven in the short term and retail is not going to go do in depth research. And this short term decline is enough for short seller to crash.

Take this report for example. A lot of their claims are not very substantial. Like the lyrics of a hip hop song are not the evidence they think it is. I didn't see a lot of evidence of the fact that 70% accounts are fraudulent either.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#168

Post by metalliqaz »

Given how effective this appears to be for moving the market, I'm surprised how much fluff and insubstantial evidence is present in this post. For example, the important charge that the company has supported criminal activity. An assertion is made that the company turns a blind eye to obvious criminal activity, but no hard evidence is provided. Instead it spends time on the fact that a rapper was paid to promote the service who was later arrested. We don't even get any numbers to show the rate of criminal activity that is conducted with Cash App vs Venmo, Paypal, wires, crypto, or cash.

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#169

Post by buildbuildbuild »

EVa5I7bHFq9mnYK wrote: post #145

>> Cash App’s frictionless approach lets users join with just an email or a phone number. I don't know, I've been asked to send a selfie and a driver license, and activate the physical card they sent in the mail to my registered address - all the usual KYC procedures. They also did send a 1099 form for all Bitcoins I deposited to the app in 2022.

I believe their UX is similar to PayPal or Stripe where anyone can “join” - but performing money transfers triggers the actual KYC “additional verification.”

Re: Block: Inflated user metrics and “frictionless” fraud facilitation

#170

Post by user3939382 »

theGnuMe wrote: post #148
user3939382 wrote: post #123

Earlier quoted context omitted.

That's the problem, when you cash out, you don't get the net amount listed in the app. You get a penny or sometimes even more than 1 penny less. The amount you get corresponds with the real net amount number that they've applied different rules to which is only available in your account export, only available through their website.

Right but does it match the net export number which is the legal one? or the fake one?

According to their terms, the correct, legal amount is the amount reported in the app. The illegal (and mismatched) amount in their export is what's being paid out.
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