Billions of euros confirmed missing from Germany's Wirecard

[Konstantin]

Today I received an e-mail message from Payoneer.

As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. Today, the Financial Conduct Authority (FCA) which regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.

What does this mean?

The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.

Any funds that are in excess of the maximum balance of your card are held by Payoneer and are therefore not impacted by the FCA’s temporary freeze.

And then I tried to search for some news about this I found 2 articles on sott about this issue.

Billions of euros confirmed missing from Germany's Wirecard

Wirecard said on Monday that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany's financial watchdog. The one-time...

www.sott.net

German payments firm Wirecard files for insolvency after revealing $2 billion accounting black hole

Wirecard will file for an application to open insolvency proceedings with the district court of Munich, the company said Thursday. The company said in a short statement that management had decided to seek court protection "due to impending...

www.sott.net

I was concerned about this because I am working on Upwork as a freelancer and all transactions were through Payoneer card.
This is not an incident as I see it. They were missing 2 billion and now they discovered?
I suspect that something bigger is in the background.

Maybe it is a part of the economic reset/ crash. Or it is a battle between powerful elite interest groups that are trying to grab as much as possible in this madness that is happening now and will probably intensify even more.

We will see.

 

[Laurs]

Maybe it is a part of the economic reset/ crash. Or it is a battle between powerful elite interest groups that are trying to grab as much as possible in this madness that is happening now and will probably intensify even more.

Hmmm interesting indeed and i really hope you have not lost any money to these crooks and that Upwork finds a different payment method quickly. From what i gather at this point it seems to me that this Mr Braun (as well as his protegee Jan Marsalek (both of Austrian origin)), is a mechanical psychopat and fraudster, having made a lot of money for a lot of people in an illegal manner and it seems that already since 2008 people were going public with information that things were not as they seemed at Wirecard, but who subsequently got smeared and bullied and what have you by Wirecard & allies. Officials at the German financial watchdog BaFin, instead of investigating the allegations made against Wirecard, investigated the questioners. One guy it seems from a London based independent research provider has written 43 (!) reports since 2014, highlighting that Wirecard was a "house of cards". Now though the president of BaFin has this week acknowledged that officials had failed to prevent a calamity. Remains to be seen what they will do, wouldn't hold my breath too much. Mr Marsalek in the meantime is missing, presumed to be in The Phillippines probably living it off with the missing 1.9 bln Euros!

Markus Braun, Wirecard chief goes from billionaire to bail

Arrest on Monday came days before German payments processor’s collapse on Thursday

www.ft.com

In a German Tech Giant’s Fall, Charges of Lies, Spies and Missing Billions (Published 2020)

Markus Braun built Wirecard to “conquer the world,” but those aspirations attracted skeptics. Its accounting scandal has sent shock waves through Germany.

www.nytimes.com