Consumer complaint received 2024-06-22 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: Block, Inc.
State: IL

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX Date : XXXX Subject : Complaint Against Cash App for Lost Funds Due to Unsupported Cryptocurrency Transaction To Whom It May Concern, I am writing to formally lodge a complaint against Cash App regarding a recent transaction involving XXXX XXXX  ( XXXX ) sent to my Cash App XXXX ( XXXX ) wallet, which resulted in the loss of {$1000.00}. Despite repeated attempts to seek assistance from Cash App XXXX, I have been informed that the funds are irretrievably lost and there is no available method for recovery. 

Details of the Incident : Transaction Date : XX/XX/year>, XXXX Transaction Amount : {$1000.00} Transaction ID : XXXX Receiving Address : XXXX On XX/XX/year>, XXXX, I inadvertently sent XXXX to XXXX Cash App XXXX wallet XXXX Upon realizing the mistake, I immediately contacted Cash App XXXX, hoping to recover the funds. However, I was informed by multiple representatives, including XXXX and XXXX XXXX, that Cash App does not support XXXX and the funds sent to a XXXX wallet are considered lost. Despite providing all necessary information and requesting the private key to attempt a recovery, my request was denied. 

XXXX XXXX : My investigation has shown that the funds are still present on the XXXX XXXX blockchain. Below are the details : XXXX XXXXXXXX XXXX XXXX XXXX Address Summary : Total Received : XXXX XXXX  ( {$1200.00} ) Total Sent : XXXX XXXX  ( {$0.00} ) Current Balance : XXXX XXXX  ( {$1200.00} ) Transaction ID : XXXX Transaction Time : XX/XX/year>, XXXX From Address : XXXX To Address : XXXX Fee : XXXX Sats ( {$0.00} ) XXXX  ( XXXX ) XXXX Summary : Total Received : XXXX XXXX ( {$0.00} ) Total Sent : XXXX XXXX ( {$0.00} ) Current Balance : XXXX XXXX ( {$0.00} ) Transaction Activity : No activity This data clearly shows that the XXXX funds are still present in the receiving address on the XXXX XXXX. 

Impact on Me : The loss of {$1000.00} is significant and has caused considerable financial stress. The response from Cash App has been unsatisfactory, and I believe that there may have been a violation of my consumer rights. 

Request for Resolution : I respectfully request the following actions to resolve this issue : 1. Recovery of Lost Funds : Assist in the recovery of the {$1000.00} sent to my XXXX wallet in the form of XXXX. Given that the funds are still present on the XXXX blockchain, I urge Cash App to provide the necessary support to retrieve them. 
2. Policy Clarification : A clear explanation of Cash Apps policies regarding the handling of such transactions and any measures that can be taken to prevent similar incidents in the future.

Comparable Services and Their Validations : Several reputable cryptocurrency exchanges have validated measures to protect consumers and ensure compliance : XXXX. XXXX : Regulatory Compliance : Registered with XXXX as a Money Services Business, complying with XXXX and XXXX regulations. 
Security Measures : Employs XXXX, encryption, and cold storage ; customer funds are insured against cybersecurity breaches. 
XXXX. XXXX : XXXX XXXX : Registered with XXXX ; complies with global regulatory bodies, adhering to XXXX and XXXX regulations. 
Security Measures : Uses advanced security protocols, including XXXX, XXXX email XXXX, and cold storage. 
XXXX. XXXX XXXX : Regulatory Compliance : Registered with XXXX, complying with XXXX regulations including XXXX and XXXX. 
Security Measures : Utilizes XXXX, withdrawal XXXX, and cold storage ; has a Secure Asset Fund for Users ( XXXX ) for added protection. 
XXXX. XXXX : Regulatory Compliance : Regulated by the New York State Department of Financial Services ( NYSDFS ) and registered with XXXX. 
Security Measures : Implements XXXX, hardware security modules, and cold storage ; conducts regular security audits and provides insurance for digital assets. 
XXXX. XXXX : Regulatory Compliance : Regulated by the XXXX XXXX XXXX XXXX XXXX ( CSSF ) and complies with XXXX regulations. 
Security Measures : Employs XXXX, cold storage, and encryption ; undergoes regular audits. 

Cash App XXXX XXXX : Square , Inc. 
XXXX XXXX XXXX, XXXX XXXX XXXX XXXXXXXX XXXX  XXXX Thank you for your attention to this matter. I look forward to your prompt response. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation