Block DOJ Settlement: Jack Dorsey’s Company Faces $764M Deal as Bitcoin Profit Plunges 50%

Block, the payments company owned by Jack Dorsey, disclosed in a quarterly filing that it agreed in principle to pay $764 million to resolve a U.S. Department of Justice investigation into alleged anti-money laundering control failures. The deferred prosecution agreement, subject to court approval, would defer charges for three years if Block complies; its gross component is about $964 million, reduced by credits from earlier regulatory resolutions to roughly $764 million net, which Block accrued as of September 30 and said could rise. The investigation dates to 2023, after short seller Hindenburg Research raised allegations Block called inaccurate and misleading. Block also reported third-quarter Bitcoin ecosystem gross profit fell 50% to $52 million, while total gross profit rose 22% to $3.24 billion.