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

Block DOJ settlement talks have reached a major turning point, with Jack Dorsey-owned payments company agreeing in principle to pay $764 million. The proposed deal would resolve a federal investigation into alleged failures in its anti-money laundering controls. The agreement follows years of scrutiny over Block’s Cash App compliance practices. The company disclosed the development in its quarterly filing yesterday, outlining a deferred prosecution agreement with the U.S. Department of Justice. The announcement arrives alongside a sharp decline in Block’s Bitcoin business. Bitcoin ecosystem gross profit plunged 50% year-over-year to $52 million during the third quarter, despite stronger overall company earnings.

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