“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.”
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No, CNN didn’t report on a supposed Cash App bankruptcy
If Your Time is short
- Cash App’s mobile payment service was disrupted Sept. 7, but the platform hasn’t declared bankruptcy, and CNN didn’t report as much.
Cash App, a mobile payment service, has been in the news because outages that started Sept. 7 have reportedly disrupted users’ ability to transfer funds.
By Sept. 8, the app posted on its website that It was "continuing to resolve the outage" and that its "services are mostly back online."
"You may experience brief delays with certain services," a statement on the site said. "If you experience a delay, there is no need to reattempt."
The app announced early Sept. 8 that users could again "add cash, make purchases" and more.
But a Sept. 7 Facebook post continues to gain traction: "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."
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This post was flagged as part of Meta’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Meta, which owns Facebook and Instagram.)
A CNN spokesperson told PolitiFact the claim isn’t accurate — CNN didn’t repost this.
We also found no evidence of CNN reporting that Cash App has declared bankruptcy. Such a story doesn’t appear on the network’s website, although in June it published a story warning users that apps such as Cash App don’t have the same protections as banks.
We looked for credible reports from other news organizations that Cash App entered bankruptcy and found none.
We rate this post False.
Our Sources
Facebook post, Sept. 7, 2023
CNN, Don’t store cash in Venmo and PayPal, US regulator warns, June 2, 2023
CBS News, Cash App, Square users report payment issues amid service outage, Sept. 8, 2023
Cash App Support tweet, Sept. 8, 2023
Email interview with Anna Beth Jager, spokesperson, CNN, Sept. 8, 2023
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No, CNN didn’t report on a supposed Cash App bankruptcy
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