Block, Inc. settles states’ probe over Cash App fraud protections for $45M

The post Block (XYZ) Shares Dip Following $45M Cash App Fraud Settlement with States appeared on BitcoinEthereumNews.com. TLDR Block reached a $45 million agreement with 46 state regulators to resolve allegations of inadequate fraud protection State authorities claim Cash App deceived consumers by advertising bank-level security features it didn’t provide Investigators found Block prioritized marketing expansion over security improvements as fraud incidents increased The settlement requires Block to implement round-the-clock customer service with live representatives accessible for a minimum of 13.5 hours each day Block’s stock price dropped approximately 1.5% following the announcement; the company maintains its innocence Block Inc. has reached a $45 million agreement with 46 state regulators to resolve accusations that its Cash App platform failed to adequately safeguard customers from fraudulent activity. Shares of Block (XYZ) declined approximately 1.5% following the announcement.

The post 46 states reach $45 million Cash App settlement with Block over fraud appeared on BitcoinEthereumNews.com. Block (NYSE: XYZ) agreed to pay $45 million and rebuild Cash App’s fraud protections to settle claims from 46 state attorneys general that it misled users about the app’s safety and abandoned fraud victims, the coalition announced Wednesday. The bipartisan group, led by Oregon and Texas, said the payments company assured Cash App’s 56 million-plus users that their money was as safe as it would be in a bank, even as fraud on the platform climbed. New York Attorney General Letitia James, who helped secure the deal, said Block “cared more about profits than protecting its users.” Who gets the money? The $45 million will be shared by the participating states rather than paid to consumers directly. New York takes $1.6 million in penalties, Washington takes $1.8 million, Connecticut collects $1.5 million, while New Jersey gets $892,753, and Massachusetts gets $730,000. Nebraska

The post Block Inc Cash App $45M Settlement Over Fraud Failures appeared on BitcoinEthereumNews.com. When millions of Americans — many of them without traditional bank accounts — downloaded Cash App and started treating it as their primary financial home, they were told it was as safe as a bank. Regulators say that promise was false. Now, Block Inc., the Jack Dorsey-led company behind Cash App, has agreed to pay $45 million to settle allegations brought by nearly every U.S. state, resolving one of the most significant consumer protection actions ever taken against a mobile payments platform. Key takeaways Block Inc. agreed to a $45 million settlement with regulators from almost every U.S. state over Cash App fraud protection failures. Regulators alleged Cash App was marketed as being as secure as a traditional bank, a claim investigators say was misleading. The company was accused of lacking a consistent fraud detection system and failing to operate a functioning scam-reporting hotline

A West Virginia woman has been arrested on 127 counts of fraud after allegedly draining nearly $18,000 from a victim’s bank account through unauthorized access. West Virginia State Police launched an investigation after the victim reported repeated unauthorized withdrawals totaling approximately $18,000 over several months, reports WSAZ News. Detectives traced the activity to 37-year-old Ashley […] The post West Virginia Woman Accused of Stealing Bank Card Info, Draining $18,000 From Victim Through Cash App appeared first on The Daily Hodl.

South Korea has begun considering rules that could allow fintech firms, not just cryptocurrency exchanges, to participate in a new licensing regime for cross-border digital asset transfers scheduled to take effect in December. Officials from relevant government agencies and industry…

Cash App's entry into telecom could disrupt traditional carriers, leveraging fintech synergies and Bitcoin integration to attract users. The post Cash App launches AT&T-powered mobile service for $40 per month appeared first on Crypto Briefing.

The post Solana Records 97% Tokenized Equities Volume as SoFi, Cash App Join the Network appeared on BitcoinEthereumNews.com. TLDR: Solana captured 97% of cumulative tokenized equities spot trading volume, setting a new market record this week. SoFi launched the first stablecoin from a U.S. nationally chartered bank, SoFiUSD, natively on Solana. Cash App rolled out USDC support on Solana, opening stablecoin access to millions of everyday retail users. Mayan bridged over one million external wallets and moved $2.5 billion in stablecoins across Solana this week. Solana recorded a busy week of launches, integrations, and milestones across payments, tokenized assets, and developer infrastructure. Major financial institutions and consumer apps moved onto the network. Stablecoin support expanded through platforms familiar to everyday users. Tokenized equities trading on Solana also reached a new record. The week’s activity covered traditional finance, decentralized lending, privacy tools, an

The post Banking Apps Issue Stablecoins—But Can Users Use Them? appeared on BitcoinEthereumNews.com. Retail customers are finally seeing stablecoins appear inside their everyday banking and payments apps. That’s a milestone—but it’s only the first step. Turning a launch into durable, habit-forming utility is the harder, more important challenge. On May 27, 2026, Block’s Cash App began a phased rollout of USDC to roughly a quarter of its nearly 60 million users, supporting Solana, Ethereum, Polygon, and Arbitrum, with daily and weekly send/receive caps; the company said it aimed to reach all users by week’s end CoinDesk. Cash App’s press release also noted 59 million monthly customers, auto-conversion of received USDC to U.S. dollars in-app, and cited adjusted stablecoin transaction volume of $13.28 trillion over the last 12 months Cash App (press release). The same day, SoFi announced SoFiUSD, a 1:1 USD-redeemable stablecoin issued by SoFi Bank, N.A., embedded directly in its consumer