YouTuber Narrates His Story of the Wirecard Scandal

A YouTube user from Australia has told his over 2.5 million subscribers what he knows about the fall of Wirecard in a new video.

Currently on YouTube is a video showing Wirecard’s journey from grace to grass. The once-influential business has unfortunately filed for insolvency after its shares lost about 98% of their values.

The YouTube video was uploaded on August 6 by ColdFusion. It’s a captivating story in which Dagogo Altraide tells what he knows about how Wirecard’s problems began. In it, it is said that the auditors became suspicious when they couldn’t find about $2 billion in the accounts of the firm based in the Philippines.

In his narration, Altraide said:

“This was a tale of liars, accounting manipulation, hacking attacks on journalists, an arrested former CEO and a missing executive.” He also referred to Wirecard as “the Enron of Europe.”

Wirecard was doing great

Up till June 18 when trouble started for the firm, Wirecard was in control of several debit cards using cryptocurrencies. The discovery of the loss of $2.1 billion led to the arrest of former CEO Markus Braun in Germany on June 23. He was accused of not reporting accurately the company’s financial details. On June 25, Wirecard declared it was bankrupt.

This would have affected some card users in the U.K. because the FCA revoked the license of one the firm’s subsidiaries in the country that also managed some Visa crypto debit cards.

It’s not yet over

Although the former CEO has been arrested, everything is not yet settled concerning the loss of $2.1 billion from Wirecard.

The next person that may be arrested is the chief operating officer, Jan Marsalek, but he is nowhere to be found now although there are reports that he ran away to Russia with some money that he changed to Bitcoins.

There is also an allegation on one of Mastercard’s top officials who works at Cyprus-based FBME bank for helping to launder the money involved in the Wirecard scandal.

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