The shares of the German Wirecard company, which offers crypto debit card services to cryptocurrency companies and exchanges, fell more than 60 percent after it turned out that there was no more than 1.9 billion euros in the balance sheet.
The shares of Wirecard, a German payment company that provides crypto debit card services from Wirex to TenX to many crypto companies and exchanges, fell over 60 percent in just a few hours.
This depreciation came after the announcement that more than 1.9 billion euros in the company’s balance sheet was not in the middle.
The statement in question was made from the company EY, which supervised Wirecard, while the amount was equivalent to a quarter of the balance sheet, revealing the size of the scandal.
In a report previously published in the Financial Times, Wirecard’s employees in Dubai and Dublin have reportedly inflated sales and profits for nearly a decade.
Wirecard shares experienced its golden age in terms of price in August 2018. The shares, which exceeded $ 190 that month, are 80 percent below the summit at a price of $ 39.90 today.
Service may hinder cryptocurrency cards
Wirecard serves many companies that offer cryptocurrency cards and is the issuer of these cards. After the latest development, it is evaluated that the cards issued by the German company may have service failures.