Hindenburg's report causes Block shares to plummet.

Block's stock fell another 4% in pre-market trading on Friday after Hindenburg Research accused the company of fraud. However, Wall Street analysts are skeptical of the accusations, with Truist analyst Andrew Jeffrey calling it "highly unlikely" that one of the most sophisticated FinTechs in the US is running rampant with systemic fraud. Citi analyst Peter Christiansen raised concerns about Cash App's fraud/KYC controls, while Keybanc analyst Josh Beck saw no merit to the disparaging claims and viewed the report as observations from a relatively novice industry outsider.