FACT CHECK: No, CNN Did Not Report That Cash App Went Bankrupt

September 14th, 2023
NEW YORK, NEW YORK - SEPTEMBER 13: A view of the venue during the Afterpay, Cash App & TIDAL Front Row To NYFW Party on September 13, 2022 in New York City. (Photo by Anna Webber/Getty Images for Afterpay)

A post shared on Facebook claims CNN reported that mobile payment service Cash App has gone bankrupt.


Verdict: False

The claim is inaccurate. Cash App recently faced outages, but the company has not gone bankrupt.

Fact Check: 

Cash App and Square, both subsidiaries of parent company Block, experienced outages last week that were said to potentially cause “slight delays” in money transfers, according to CBS News. Square made a statement reassuring its users that the outage stemmed from a problem with its Domain Name System (DNS) and was not a result of a cybersecurity attack, USA Today reported.

A Facebook post claims Cash App is facing bankruptcy. The post shares this claim in text format over an image of a sky.

“Man CNN just said Cash App went bankrupt and any funds you had in your account would have to be awarded to you through bankruptcy court,” the caption reads.

Although Cash App has experienced outages recently, there is no evidence that the company has gone bankrupt. An article on the subject cannot be found on CNN’s website or any of its verified social media accounts.

There are no credible news reports about Cash App going bankrupt. (RELATED: Did CNN Publish This Tweet About Volodymyr Zelenskyy?)

Check Your Fact has reached out to CNN and Cash App for comment and will update this piece accordingly if one is received from either source. 

This is not the first time misinformation has spread involving CNN’s reporting. Check Your Fact previously debunked a claim that former Wyoming Republican Rep. Liz Cheney endorsed Florida Republican Gov. Ron DeSantis for president in the 2024 election.

Anna Mock

Fact Check Reporter