A new video takes viewers through German financial technology company Wirecard’s journey from being one of the top businesses in the world to one who’s shares plummeted by more than 98% before filing for insolvency.
In an Aug. 6 video posted to YouTube by ColdFusion, Australian host Dagogo Altraide retells the story of how the Wirecard scandal began when auditors were unable to locate more than $2 billion that was supposed to be sitting in the FinTech firm’s Philippines-based accounts. The Wirecard board later admitted that the funds likely did not exist.
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