Dorsey is known as a cryptocurrency advocate and Bitcoin enthusiast. A special group of the U.S. Attorney’s Office for the Southern District of New York launched an investigation against him. Block is suspected of laundering money through a series of transactions through its subsidiaries Square and Cash App. Allegedly, Russia, Cuba, Iran and Venezuela also participated in these operations.
Block shares fell sharply on the eve of trading due to rumors circulating in connection with the investigation. Dorsey has yet to comment on this information, but a representative for Block denied all the rumors. Representatives of the prosecutor’s office declined to comment.
Source: Ferra
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