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‘The Enron of Europe’ — What We Know So Far About the Wirecard Scandal

‘The Enron of Europe’ — What We Know So Far About the Wirecard Scandal

A brand new video takes viewers by German monetary know-how firm Wirecard’s journey from being one of many prime companies on the earth to at least one who’s shares plummeted by greater than 98% earlier than submitting for insolvency.  

In an Aug. 6 video posted to YouTube by ColdFusion, Australian host Dagogo Altraide retells the story of how the Wirecard scandal started when auditors had been unable to find greater than $2 billion that was alleged to be sitting within the FinTech agency’s Philippines-based accounts. The Wirecard board later admitted that the funds seemingly didn’t exist.

“This was a story of liars, accounting manipulation, hacking assaults on journalists, an arrested former CEO and a lacking govt,” Altraide narrated, referring to the corporate as “the Enron of Europe.” 

Wirecard’s fall from grace

Many main crypto-powered debit playing cards had been beneath Wirecard’s administration when information of the lacking $2.1 billion broke on June 18. Former CEO Markus Braun was arrested in Germany on June 23 for misrepresenting the corporate’s balances, and the cost processor ended up submitting for insolvency two days later.

The U.Ok.’s Monetary Conduct Authority initially suspended the license of a Wirecard subsidiary within the nation, however this was lifted after simply three days, permitting prospects to make use of their Visa crypto debit playing cards.

Case nonetheless ongoing

Regardless of Braun’s arrest and the agency in administration, not all free ends within the Wirecard scandal have been so properly tied off. 

Chief working officer Jan Marsalek is reportedly hiding out in Russia, financing his fugitive standing with Bitcoin (BTC) he was in a position to switch from Dubai.

As well as, a Mastercard govt on the FBME financial institution in Cyprus has lately been implicated in overlaying up cash laundering related with Wirecard.

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