Former Wirecard CEO Markus Braun arrested

by in Cryptocurrency News

Markus Braun

Markus Braun, the previous CEO of the Wirecard payment organization, was arrested in Germany.

Munich prosecutors confirmed Braun's arrest on Tuesday, June 23, on suspicion of inflating Wirecard’s balance sheet. Yesterday, Wirecard confirmed that the company's funds worth € 1.9 billion (almost a quarter of all assets) are missing.

Last week, the audit corporation EY stated that it could not find evidence of the availability of funds on Wirecard trust accounts. The company suggested that “false” balances could be provided by a third party “to trick the auditor.”

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Braun has led Wirecard since 2002 and resigned on Friday, June 19th. After the announcement of the loss of funds was published, the company's shares rapidly collapsed from the mark of € 104 and are now trading at around € 18 (-82%).

A subsidiary of Wirecard (Wirecard Card Solutions) is the issuer of debit cards for the cryptocurrency companies Crypto.com and TenX. Last year, the company also announced plans to become a partner in the TON blockchain platform.

Crypto.com CEO Chris Marsalek said last week that Widecard problems would not affect the fiat and cryptocurrency assets of Crypto.com users.