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+--- Thread: More Wonders from the Old Regime (/thread-13861.html)
More Wonders from the Old Regime - Yazata - Mar 23, 2023
Report by Hindenburg Research about another business created by Twitter's pre-Elon founders. It's pretty devastating if it's true.
https://threadreaderapp.com/thread/1638881786343063553.html
This thing was supposedly created to provide banking services to "the unbanked". But the way this report describes it, it was and still is kind of a money-laundering and fraud service for criminals.
The covid "stimulus" payments and unemployment largesse appears to have been a gravy-train for Cash App's parent company's founders though. Huge sums of government payments were channeled through Cash App to people supposedly without bank accounts and the company's growth figures and stock price skyrocketed. Twitter founder Jack Dorsey apparently made large sums in stock sales during this period - and along with other company insiders, the cash-out by insiders was more than $1 billion.
![[Image: Fr56uK3XgAEo7iY.png]](https://pbs.twimg.com/media/Fr56uK3XgAEo7iY.png)
Meanwhile, some Cash App users are alleged in the report to have opened multiple accounts in different names and engaged in wholesale identity theft. They proceeded to collect unemployment and stimulus payments from different states under a whole assortment of names.
The company seems to not care what name customers are using and will issue them bank cards under any names they like. Here's one that Hindenburg research requested to see if Cash App's compliance department would flag it, but the cash card promptly arrived in the mail:
![[Image: Fr53r-TWYAAZ8WB.png]](https://pbs.twimg.com/media/Fr53r-TWYAAZ8WB.png)
Hindenburg Research's complication video of rappers praising how Cash App facilitates crime, particularly murder-for-hire.