I think there is some truth to the allegations but I do think it might be exaggerated a little bit. From what I have read, it looks like they have quite a few bits of evidence to at least justify the direction they are headed but they also have a financial incentive to make square/cashapp look as bad as they can. At least even if they shrug off everything, I think they will be under scrutiny by the regulators to make sure they aren't doing anything underhanded.
I also think it's fine to wait till square responds first but I am leaning more towards Hindenburg because they look like they have the evidence to back things up.
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