Thursday, July 9, 2020
Home News Crypto CEO of Wirecard AG resigns after audit shows €2 billion missing

CEO of Wirecard AG resigns after audit shows €2 billion missing


Wirecard AG CEO Markus Braun resigned with immediate assumption of office by mutual agreement with the Supervisory Board of the company.

James Freis has been appointed interim CEO with sole powers.

Braun’s resignation came the day after Ernst & Young (EY), the payment system provider auditor, was unable to confirm that he had €1.9 billion in account balances.

Against the background of the news, the company’s shares within an hour collapsed by almost 50% from €100.4 to € 53.35. On this, their decline did not end and the minimum amounted to €19.26.

After the rebound, Wirecard quotes rose at the time of writing to about €30. The company’s market capitalization, which previously reached €24 billion, is only €3.7 billion.

Wirecard is a card issuer for several cryptocurrency projects including, TenX and CryptoPay.

Recall, the developer of solutions for the blockchain project Telegram Open Network TON Labs planned in partnership with Wirecard to develop a new platform for the provision of digital financial and banking services.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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