German payments group Wirecard says €1.9B cash is missing and that “spurious cash balances” might have been provided to its auditor by a third party
Shares of payments group crash as it says a third-party may have tried ‘to deceive’ its auditor
Financial Times
Related Coverage
- Popular crypto debit card issuer Wirecard is unable to locate $2 billion worth of cash The Block · Yogita Khatri
- Wirecard AG: Date for publication of annual and consolidated financial statements 2019 delayed due … Wirecard
- Wirecard Showdown Stuns Analysts, Raises Liquidity Questions Bloomberg · Jan-Patrick Barnert
- Protocol Index: How to compete with a $95 billion giant Protocol · Shakeel Hashim
- Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash Cointelegraph · Andrey Shevchenko
- Catastrophic Wirecard Failure Send Stock Plunging 60% in 30 Minutes CCN.com · Joseph Young
Discussion
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@elidourado
Eli Dourado
on x
Imagine misplacing $2B https://www.theblockcrypto.com/ ...
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@cointelegraph
@cointelegraph
on x
Fraud allegations within WireCard could be problematic for many crypto debit card issuers, notably https://crypto.com/ https://cointelegraph.com/...
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@kadhim
@kadhim
on x
Vindication for @FD after years of dogged reporting in the face of extraordinary hostility, not just from the company and the German press, but even German regulators: Wirecard says €1.9bn of cash is missing https://www.ft.com/...
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@tbraithwaite
Tom Braithwaite
on x
Wirecard, one of Europe's hottest tech companies, says its auditors cannot find €1.9bn of cash. Shares collapsed. Big questions for Ernst & Young, which has previously signed off the accounts. Comes after dogged and fearless reporting from @FD and co. https://www.ft.com/...
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@ahcastor
Amy Castor
on x
A special audit has found $2 billion missing from German payments giant Wirecard. This is why 3rd-party audits are so important. You never quite know what is going on behind the scenes without them. https://www.ft.com/...
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@el33th4xor
Emin Gün Sirer
on x
Debit card issuer is missing $2B. What the reporting doesn't make clear is whether the missing $2B has claims on it, or if they “just” inflated their holdings with fictitious users. https://cointelegraph.com/... via @cointelegraph
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@counternotions
Kontra
on x
Suffocating bureaucracy, red tape, inertia and regulations bring down a disrupter, now with ~⅔ of its market valuation evaporated. https://www.ft.com/...
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@sub8u
Subrahmanyam Kvj
on x
A couple billion euros, and an auditor of ten years apparently. ¯\_(ツ)_/¯ https://www.ft.com/...
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@eghosao
Eghosa Omoigui
on x
Wirecard is the NNPC of global payments. https://ir.wirecard.com/... Argue with your hospital administrator's timeline. https://twitter.com/...