Block Notifies 8.2M Customers After Breach of Cash App Investing


Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

Block (SQ), formerly known as Square, said Monday that a former employee improperly downloaded Cash App Investing reports containing U.S. customer data. The payments company is notifying some 8.2 million current and former customers about the breach, according to a regulatory filing.

  • The employee had regular access to the reports as part of their job, but the Dec. 10 access occurred after their employment had ended.

  • Block said the reports included the customers’ full name and unique brokerage account. Some customers had more data in the report, including portfolio value, holdings and one day’s trading activity.

  • The reports did not include usernames, passwords, Social Security numbers, birth dates, payment card or bank account information, addresses or other personally identifiable information.

  • Block, whose CEO is Jack Dorsey, said the reports also didn’t include security codes, access codes or passwords for Cash App Investing accounts.

  • The company notified the applicable regulatory authorities and law enforcement about the breach.

  • Block hasn’t completed its investigation into the incident, but doesn’t expect it to impact its operations or financial results.

  • “The company takes the security of information belonging to its customers very seriously and continues to review and strengthen administrative and technical safeguards to protect the information of its customers,” Block said in the filing.

  • Block shares fell 3.6% in early trading to $129.86.

Read more: Block’s Cash App Is Finally Integrating the Lightning Network