On March 12, 2024, Grizzly Research issued a report entitled “XP’s (Nasdaq: XP) Entire Profits Are Dependent on What Insiders Call a ‘Madoff-Like Ponzi Scheme'”. The report stated in part that “XP is a Brazilian Nasdaq-listed fintech company. Our research uncovers that the company is running a massive Ponzi scheme facilitated through certain derivatives sales to retail clients, which are funneled through special funds and misrepresented as proprietary trading profits.”
On this news, XP’s stock fell 5.4% on March 12, 2025.