• EU blasts German regulators Wirecard
    Regulation

    EU blasts German regulators over the failure of crypto debit card issuer Wirecard

    The high flying fintech collapsed this summer after an audit revealed massive fraud, including more than $2.2 billion missing from its accounts

    A major issuer of cryptocurrency debit cards since 2018, payments processor Wirecard starting coming apart in mid-June, when the Financial Times reported that its shares had fallen by more than 60% after the firm’s auditors warned that €1.9 billion (nearly $2.23 billion) was missing from its accounts. Before going into bankruptcy in late June, the fintech firm had been a big success, with operations far beyond the crypto business earning it a place on Germany’s prestigious Dax 30 stock index.