Head of Crypto.com Card Issuer Quit After High Scandal
The largest German payment system on the verge of complete collapse.
The company’s shares have already fallen by 80%.
Cryptocurrency startups related to the company are fencing off scandal.
International consortium of news organizations developing transparency standards.
Meanwhile, the shares of the large German payment system Wirecard AG have already fallen by more than 80%.
Markus Braun, CEO of German payment system Wirecard AG, has resigned, Bloomberg reports.
Brown’s firing comes a day after the company found itself at the center of a $ 2.1 billion scandal after an audit by Ernst & Young (EY).
The company itself said that Brown’s resignation was “by mutual agreement.”.
In just two days, shares of a major German payment system plummeted by almost 80%.
At the time of this writing, the value of the WCAGY share is $ 16.19.
Fall of the empire
As a result of inconsistencies in reporting, Wirecard faced a potential cash flow crisis.
On Thursday, the company warned that loans worth up to € 2 billion could be terminated unless a verified annual report is released on Friday..
Together with Brown, Wirecard COO Jan Marsalek also left the company..
Earlier, Germany’s two largest investors have threatened legal action against Wirecard over an escalating scandal that casts doubt on the future of the once high-profile payments company..
One of Germany’s leading investment firms Union Investment has joined DWS Group’s allegations by threatening to sue Wirecard.
For nearly two decades, Wirecard has been considered one of the few successful German technology companies..
The company is also a payment card issuer for cryptocurrency startups Crypto.com, CryptoPay and TenX..
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In the wake of the Wirecard scandal, Crypto.com CEO Chris Marsalek was quick to assure that the debit cards Wirecard issued for Crypto.com are fully secured.
However, negative news related to Wirecard still affected the Crypto.com token – MCO (MCO).
Since June 10, the cost has been steadily declining and at the time of this writing, the price of MCO / USD is $ 4.72.
What do you think? Will the Wirecard scandal on Crypto.com further affect? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
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