Wirecard files for insolvency after $2 billion went missing - Decrypt

in hive-116221 •  4 years ago 

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Wirecard is a German digital payments company, which operates several crypto debit cards. They include Crypto.com and TenX, which have stated that they are materially unaffected by Wirecard's lost funds.

On June 18, Wirecard announced that its auditor Ernst & Young had discovered a €1.9 billion ($2.1 billion) hole in its balance sheet—around 80% of its net cash, according to Bloomberg. The following day its CEO stepped down; after an arrest warrant was put out for him, he handed himself in to the police.


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