Block, Inc. Q fell over 16% in two sessions thereafter Hindenburg published a short report on the Jack Dorsey-Operate a payment processing companyand a high-profile CEO isn’t too happy.

What happened: Sharing a Twitter thread from an Ark analyst Maximilian Friedrich on Saturday, Invest Ark founder Cathie Wood called Hindenburg seems to think that investors and analysts with deep fintech expertise will not read his reports.

The short seller appears to think speculators and traders will support his short positions by selling without reading or understanding the reports, she added.

“Very misleading,” Wood said.

In his tweet, Friedrich noted that while Hindenburg claimed Cash App was the only P2P electronic payment processor mentioned in a COVID-19 fraud allegation, the research firm didn’t say the scammed funds got through Bank of America Corp. BAKwhich “sent the criminal $1.26 million in PUAs [Pandemic Unemployment Assistance] Advantages.”

The vast majority of funds received through BofA were withdrawn through ATMs, bank branches, and BofA credit cards. Money transfers or money transfer services including Cash App accounted for just 7% of the total, or about 12% of the funds paid out, Freidrich added.

Also read: Best Fintech Stock

While Cash App, like many financial services companies, was likely used for fraud during the COVID pandemic, its spending limits may have prevented “the criminal” from cashing out even more funds, Friedrich said.

The analyst found that companies have a risk engine that they continually perfect and tune up or down. “Some fintech companies may have shut them down temporarily to offer a lifeline to many struggling individuals and companies ignored by banks during COVID,” he added.

Ark Back’s Block to Hilt: Ark has been adding to block stocks amid the plunge following the publication of the short report. After selling about 26,000 block shares on Jan. 30, Ark has not transacted with the stock as of March 13…