Gate News reports that on March 31, the short-selling firm Muddy Waters released a new report announcing that it has established a short position against SoFi Technologies, Inc. (SOFI), the United States' first nationwide chartered bank supporting Bitcoin and cryptocurrency trading. The report accuses SOFI management of allegedly classifying a $312 million loan from JPMorgan as "loan sales" to artificially inflate reported profits and secure management bonuses, while shareholders face approximately 15% annual dilution. Muddy Waters points out that UCC filings in Utah show JPMorgan as the "senior lender" in the transaction rather than the asset purchaser, which contradicts SOFI's accounting treatment logic. The report suggests that SOFI will ultimately have to restate the $312 million transaction, potentially leading to a restatement of about $1 billion of previously reported EBITDA and a significant reduction in its actual capital adequacy ratio. Additionally, the report accuses SOFI of using a "secured loan" program to support its unrealistic fair value markings on personal loans to maintain its financial narrative.