MCO card issuer Wirecard files for insolvency, Crypto.com CEO responds

Latest developments on the Wirecard scandal, a German payment company involved in a 1.9 billion Euro accounting scandal, reveal that the company has filed for insolvency on the 25th after confirming the financial irregularities. Wirecard's stock price has plummeted over 90%. (Update on the 27th: Following a request from the UK Financial Conduct Authority, the UK and Europe have suspended the company's stored value and transaction services in both regions.)

The latest development in tracking the €1.9 billion accounting scandal of the German payment company Wirecard reveals that the company has filed for insolvency on the 25th after confirming the financial irregularities. Wirecard's stock price has plummeted by over 90%. (Update on the 27th: Following a request from the UK Financial Conduct Authority, both the UK and European regions have temporarily suspended the storage and trading services.)

Crypto.com, a company in Europe issuing cryptocurrency debit cards through Wirecard, responded to the situation:

Wirecard has filed for insolvency in Germany today. To all our users, your fiat funds are safe and guaranteed by Crypto.com. In the event of any disruption to Wirecard's services, users will receive a 100% refund promptly.

As the services affected are not yet clear, we will keep you updated. I want to emphasize that the funds on all cards issued in Singapore and Europe are secure.

As of the deadline, Crypto.com Coin (CRO), originally ranked tenth by market capitalization, has dropped to eleventh place with a decrease of nearly 2%.