PayPal shuts 4.5mn accounts due to “bad actors” Shares tank to lowest pandemic levels

Popularity of Paypal (PIC) ~ AmazinggArts

PayPal have confirmed they closed 4.5mn accounts after uncovering “bad actors” exploiting their rewards system, after a poor last quarter of 2021 saw investors dump stock for the company to post 19% losses in premarket trading.

Bot farms reportedly hoovered up countless $10 incentives designed to encourage new customers to sign up.

Shares tumbled a record 25% at 9:42am New York time – their biggest fall on record – after a poor earnings report alarmed Wall Street traders.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s