46 states reach $45 million Cash App settlement with Block over fraud
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