The existing approach, accounting for crypto as so-called indefinite-lived intangible assets, focuses only on the assets dropping in value. According to the board’s proposal, it “does not reflect the underlying economics of those assets and does not provide decision-useful information.” Source
Block said it is working with the SEC on how to “explore legal action against Hindenburg Research for the factually inaccurate and misleading report”. American multinational financial technology giant Block Inc (NYSE: SQ) is currently under intense pressure following a damning report from short seller, Hindenburg Research. According to the report, Hindenburg Research accused Block of running a fraudulent operation that takes advantage of the demographics it claims to serve, the unbanked. Known for such reports, Hindenburg said its investigation into Block Inc was conducted over the span of two…
Hindenburg continued: “Our research indicates, however, that Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.” Source BlockDorseysHindenburgsJackReportShortSellerTumbles CryptoX Portal
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Ziglu is also looking to raise around $2.46 million to enable it to continue operating until a sale is agreed Source
Forensic research platform Hindenburg Research has teased another report amid the ongoing US banking crisis. Following its Adani report, US short-seller Hindenburg Research says it will release a new report on another target soon. The New York-based research firm did not specify the next release and provided no details about timing or content. Nonetheless, speculation is rife that the upcoming Hindenburg report could deal with the ongoing US banking crisis. This is because of the crisis’ impact on the financial landscape as triggered by the recent collapses of some commercial…
As a high-growth-oriented company, Tencent is charting a very ambitious path to grow its revenue over time. Chinese multinational tech giant Tencent Holdings Ltd (HKG: 0700) has released its fourth-quarter earnings report in which it showed a better-than-expected online ad revenue. According to the firm’s report, its overall revenue for the fourth quarter came in at 144.95 billion yuan ($21.07 billion), a figure higher than the 143.89 billion yuan estimated by FactSet. The online ad revenue was also very impressive, growing by 15% to 24.7 billion yuan, beating a FactSet…
Cybersecurity services provider Kaspersky has released a report on risks associated with cryptocurrency use. The report titled “Crypto Threats 2023” focused on the United States and uncovered some surprisingly poor user security habits. Kaspersky surveyed 2,000 American adults in October 2022 and found that 24% of respondents overall owned cryptocurrency or digital assets. Ownership ranged from 36% in the 25-44 age category to 10% among those aged 55 or older. A third of the crypto owners surveyed reported having crypto stolen and an equal portion reported being victims of scams.…
The Terran Orbital Q4 2022 release revealed revenue increases on a quarter-on-quarter and year-on-year basis. Satellite maker Terran Orbital (NYSE: LLAP) recently posted its Q4 2022 earnings report, revealing an annual revenue increase of $94.2 million. This figure is more than double what Terran Orbital made in 2021. Terran Orbital’s revenue haul for Q4 2022 represented an increase of 130% year-over-year. The company reported that revenue grew from $27.8 million in the third quarter to $31.9 million in the fourth quarter. Furthermore, the Irvine, California-based satellite manufacturer also delivered 19 satellites during…
Bitzlato users can now partially withdraw their bitcoin funds from the dismantled cryptocurrency exchange, according to a media report. The Russia-linked trading platform was targeted by Western law enforcement and had its France-based server infrastructure seized in January. Bitzlato Customers Allowed to Withdraw Up to 50% of Their Bitcoin at the Exchange Users of Bitzlato’s web portal and app can now withdraw a portion of the funds they had with the crypto exchange when it was busted by French and U.S. authorities in mid-January. Since Monday, its clients have access…