Tags: Square CashApp

Block is looking to channel funds toward Bitcoin mining initiatives and Bitkey wallet growth.

Internal documents allege Block’s involvement in terrorist crypto transactions and Square’s handling of transactions violating sanctions.

Block reported significant Bitcoin sales via mobile Cash App in 2023, generating $205M gross profit and $9.5B revenue.

The company’s Bitcoin revenue surpassed $2.4 billion last quarter.

“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers,” the firm said.

The San Francisco Police Department have not made any arrests so far.

Jack Dorsey’s payments firm Block Inc has become the latest target of Hindenburg Research.

Block claimed the reduced bitcoin revenue in Q4,2022 resulted from the crypto market collapse that occurred last year.