Card issuer Crypto Wirecard lacks $ 2.1 billion in cash, the company stock plummets 62%
About 1.9 billion euros ($ 2.13 billion) of cash is missing from one of Wirecard's trust accounts, and the crypto debit card provider has not been able to take into account the amount, the company reported. Report on Thursday.
In a statement, the large German payment processor blamed Spimate's cash balances provided by a third party for the purpose of deceiving the auditor, Ernst and Young, who discovered the case. scandal during a routine audit.
There are indications that false confirmation of balances have been provided by the trustee, to mislead the auditor and create a false perception of the existence of such cash balance or holdings. accounts for the benefit of companies belonging to the Wirecard group, Say the company.
Wirecard, a card issuer that supports cryptocurrency payments for platforms like Crypto.com and Wirex, said it is investigating the issue of close cooperation with auditors. The amount of the deficit is equal to 25% of the amount on the company's balance sheet.
Due to this problem, Wirecard has now postponed the release of annual financial statements and financial statements for 2019, originally scheduled for August 4. If the consolidated and annual financial statements are available can be provided until June 19, 2020 AG amounts up to approximately 2 billion EUR may be terminated.
Wirecard shares fell 62%, or 65 euros, to 40 euros in trading in Frankfurt on Thursday after news of billions of missing people broke out. Over the past 52 weeks, the stock price has reached a high of 159 euros and a low of 30 euros.