
Jack Dorsey's Block to Pay New York $40 Million in Cash App Settlement
The New York Department of Financial Services issued the fine after an investigation found Block had failed to conduct adequate due diligence on its customers and to monitor and report suspicious transactions in a timely manner, the agency said in a consent order Thursday. Block also allegedly failed to screen and monitor high-risk Bitcoin transactions. The department found violations of consumer protection regulations, according to the order.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Latest S&P 500 entrant surprises 4M merchants, stock jumps
Latest S&P 500 entrant surprises 4M merchants, stock jumps originally appeared on TheStreet. Block, Inc. (NYSE: XYZ), the tech and financial services company, recently made a few announcements that have sent the company's stock soaring. First, the company is set to join the S&P 500, the stock market index tracking the performance of 500 of the largest public companies in the U.S., on July 23. Next, Block's business head, Owen Jennings, announced on July 22 that the company's Square payments system is onboarding merchants to its new Bitcoin acceptance feature. The Square point-of-sale terminal system serves over 4 million U.S. merchants who can potentially pivot toward Bitcoin payments via the Lightning Network. Square integrating Bitcoin payments for its large user base comes at an opportune time, as the world's largest cryptocurrency hit an all-time high (ATH) of $123,091.61 only last by Twitter co-founder Jack Dorsey in 2009, Block, Inc., earlier known as Square, Inc., has a suite of products that are geared toward Bitcoin. Besides Square, it offers the Cash App digital wallet that supports Bitcoin investments and the self-custody Bitkey wallet for Bitcoin. Block, Inc. holds more than $1 billion in 8,584 BTC on its corporate balance sheet. Dorsey himself is a well-known Bitcoin advocate who believes its price will go up to $1 million at least by 2030. Block, Inc., which went public in 2015, saw its stock soar 9% to as high as $79.44 on July 21 following the July 18 announcement of its inclusion in the S&P 500. Square's recent announcement of Bitcoin integration led to the stock continuing its rally. The XYZ stock was exchanging hands at $80.32 in pre-market hours on July 23. Latest S&P 500 entrant surprises 4M merchants, stock jumps first appeared on TheStreet on Jul 23, 2025 This story was originally reported by TheStreet on Jul 23, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


New York Post
40 minutes ago
- New York Post
Accused NYC crypto bro kidnappers granted $1M bail — but judge warns they can't pay in Bitcoin
The crypto bros accused of torturing an Italian millionaire for his Bitcoin password were granted $1 million bail each Wednesday — but won't be allowed to pay it using e-currency. Manhattan Supreme Court Justice Gregory Carro set the seven-figure bail for John Woeltz, 37, and William Duplessie, 33, and forbade them from paying it in cryptocurrency. Both Woeltz and Duplessie will be released from jail to home confinement if they can shell out the cold hard non-digital cash, said Carro. Advertisement William Duplessie arraigned in Manhattan Supreme court for torturing an Italian millionaire for his Bitcoin password. Steven Hirsch John Woeltz (pictured), 37, and William Duplessie, 33, pleaded not guilty to kidnapping. Steven Hirsch Woelz, who rented the SoHo townhouse that prosecutors allege turned into a house of horrors, is looking for a place in New York, his lawyer said. Duplessie will seek a place in Florida. Advertisement The pair has pleaded not guilty to kidnapping charges after prosecutors said they held fellow cryptocurrency trader Michael Valentino Teofrasto Carturan, who hails from Italy, captive for nearly three weeks in the rented Prince Street townhouse.


Gizmodo
40 minutes ago
- Gizmodo
Trump Media Is Now a $2 Billion Bitcoin Bet
Trump Media isn't just fighting Big Tech. It's taking on Wall Street with a Bitcoin war chest big enough to rival corporate heavyweights. The company behind Truth Social and streaming platform Truth+ announced, on July 21, it had purchased $2 billion worth of Bitcoin and Bitcoin-related securities, converting two-thirds of its $3 billion in liquid assets into cryptocurrency. It's one of the boldest corporate Bitcoin strategies ever seen, rivaling billionaire Michael Saylor's MicroStrategy (now known as Strategy), the enterprise software company that famously pivoted to become a dominant corporate holder of Bitcoin. Trump Media thus becomes the sixth-largest company holding Bitcoin on its balance sheet, according to (Disclosure: Trump Media sued Gizmodo along with 19 other media outlets in 2023, claiming that they inaccurately reported financial data about the company. That litigation is pending.) Trump Media CEO Devin Nunes framed the move as a bid for 'financial freedom' and protection from 'discrimination by financial institutions,' echoing long-standing grievances in Trump's orbit about Big Tech and Wall Street bias. The company also revealed plans to keep acquiring Bitcoin and Bitcoin-linked options that could be converted to spot Bitcoin holdings. He also hinted at the company's next big step: a 'utility token' set to power Trump Media's planned fintech arm. Donald Trump, who founded Trump Media and remains its namesake, is now president and has positioned the U.S. as the world's most crypto-friendly nation. His administration has pushed policies to roll back SEC crypto enforcement, has championed crypto-friendly policies, and framed Bitcoin as a strategic U.S. asset. At the same time, a company directly linked to his personal brand and political base is heavily invested in Bitcoin. Pro-crypto policies from a Trump administration, such as rolling back regulatory scrutiny or signing the Genius Act, could directly benefit Trump Media's Bitcoin-heavy treasury. To an outside observer, it would be easy to get the impression of policy being shaped to benefit a president's own corporate holdings. President Donald Trump currently owns 114,750,000 shares of Trump Media through the Donald J. Trump Revocable Trust. This represents 41.4% of the outstanding shares of the company. Trump Media's $2 billion bet effectively links its financial health to both Bitcoin prices and Trump-era crypto policy. If Bitcoin rises under a regulatory-friendly environment, Trump Media could see exponential gains. A regulatory crackdown or a crypto crash could devastate it. The risk cuts both ways: Bitcoin's volatility could drain the company's liquidity, threatening the viability of Truth Social and its broader media ecosystem. It also hints at a possible long-term goal: a Trump-linked crypto ecosystem combining Bitcoin reserves with a proprietary utility token, potentially transforming Trump Media into a hybrid of media platform and financial institution. Trump Media started as a megaphone for 'free speech.' Now it's building a Bitcoin bank during a pro-crypto presidency led by its founder. How that shakes out will depend on Bitcoin's trajectory and the scrutiny on Trump's dual roles as president and 'crypto bro.'