【Breaking News】MCO issuer Wirecard's 1.9 billion euros go missing, stock price instantly halved

The Financial Times reported at 6 pm on the 18th that Wirecard, the issuing bank of several cryptocurrency credit cards, is facing financial issues. The German fintech group stated that its auditor, EY, could not confirm the existence of €1.9 billion in cash. However, Crypto.com, the parent company of the cryptocurrency credit card MCO, urgently clarified that the issuing funds were not affected and were not held by the same bank. [Updated on 6/22, Wirecard stated that the €1.9 billion might not have existed from the beginning][Updated on 6/26, Wirecard declared bankruptcy]

According to a report by the Financial Times on the 18th, several banks issuing cryptocurrency credit cards, including Wirecard, a fintech group from Germany, are facing financial issues. Wirecard stated that its auditor, EY, could not confirm the existence of €1.9 billion in cash. However, the parent company of the cryptocurrency credit card MCO, Crypto.com, urgently stated that the issuing fund was not affected and was not held at the same bank. [Update 6/22: Wirecard now states that the €1.9 billion may have never existed][Update 6/26: Wirecard declares bankruptcy]

According to the Financial Times report, suspicions of false branch revenue within Wirecard were raised as early as October last year, misleading EY auditors. Since March this year, the bank has postponed the publication of its 2019 financial statements three times.

Moreover, in a KPMG audit report released in April, they were unable to trace the bank's profits from 2016 to 2018, claiming they could not independently verify the existence of €1 billion in cash.

Previously, Wirecard's valuation reached €24 billion and was included in the German DAX 30 index. Following this news, the valuation dropped to €4 billion at one point and currently stands at €6 billion as of the deadline.

However, the prices of related cryptocurrencies have not shown a significant response:

The CEO of Crypto.com stated that they remain unaffected and their funds are not held at the mentioned bank: