Crypto Card Issuer Wirecard Missing $2.1 Billion Cash

[TomPluz]

A big sad news for this organization...

About 1.9 billion euros ($2.13 billion) worth of cash is missing from one of Wirecard’s trust accounts and the crypto debit card provider cannot as yet account for the money, the company reported on Thursday.

In a statement, the major German payment processor blamed “spurious” cash balances provided by a third party with the aim of deceiving the auditor, Ernst and Young, which discovered the scandal during a routine audit.

“There are indications that spurious balance confirmations had been provided from the side of the trustee … in order to deceive the auditor and create a wrong perception of the existence of such cash balances or the holding of the accounts for to the benefit of Wirecard group companies,” said the firm.

More details here...