Bitcoin Scammers Take Advantage of Already-Dismal Square Earnings
Tedra DeSue's original article for www.ccn.com reduced by 44%
While Twitter has long been rife with these fraudulent schemes, this particular bitcoin scam targets his other company - digital payments firm Square. In tandem with Square's earnings results on Wednesday, scammers began sending emails - purportedly from the company - announcing that they had added support for the stellar cryptocurrency. The latest crypto giveaway scam in Jack Dorsey's side added to an already-disappointing earnings season for Square.
Ahead of Wednesday's earnings report, Square released a letter to its shareholders. BTIG analyst Mark Palmer said that Square had reported higher-than-expected spending and weaker-than-expected Q1 and FY2019 outlook, which led him to reiterate his sell rating on the stock. There were few comments from Square executives about cryptocurrencies during the earnings call.
The firm did see revenues from Cash App-based bitcoin trading rise in Q4. With prodding from bitcoin bull Jack Dorsey, the company has managed to grow its nascent bitcoin service to $166 million in annual revenue.
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CN [too long; didn’t read]
Summarised crypto news.