What we know so far about the Wirecard scandal

A new video shows the audience the journey of the German fintech company Wirecard, as It went from being a world leader to one whose stocks fell more than 98% before bankruptcy.

In a video that Australian host ColdFusion posted on YouTube on August 6th Dagogo Altraide tells the story of the beginning of the Wirecard scandal, when the auditors could not find the more than $ 2 billion held in the accounts of the FinTech company in the Philippines.. The Wirecard Board later admitted that the funds likely didn’t exist.

What we know so far about the Wirecard scandal
What we know so far about the Wirecard scandal

“This was a story of lies, bookkeeping manipulation, hacking attacks on journalists, an arrested former CEO and a missing executive,” said Altraide, referring to the company as “Enron of Europe”.

Wirecard’s fall out of favor

Many of the top crypto debit cards were being managed by Wirecard when news broke on June 18 of $ 2.1 billion short. Former CEO Markus Braun was arrested in Germany on June 23 for misrepresenting the company’s balance sheets, and the payment processor filed for bankruptcy two days later.

The British Financial Conduct Authority initially suspended the license of a Wirecard subsidiary in the country, but it was revoked after just three days.Customers can use their crypto Visa debit cards.

The case is still ongoing

Despite Braun’s arrest and signing in the administration, nor all loose ends of the Wirecard scandal are tied.

It is reported that the chief of operations Jan Marsalek is hiding in Russia and finances his refugee status with the Bitcoin (BTC) that he was able to transfer from Dubai.

Also, A Mastercard executive at FBME Bank in Cyprus was recently involved in a Wirecard-related money laundering cover-up.

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