The Wirecard Trust account is suspected to have lost 1.9 billion euros

Financial technology company Wirecard, which operates Crypto.com and TenX encrypted debit CARDS, is in significant financial trouble, according to an Ernst & Young audit. Ernst & Young's Munich branch has yet to find enough audit evidence to show a cash balance of 1.9 billion euros in the trust account, which accounts for about a quarter of the company's market balance sheet.

Due to potential fraud, Wirecard will not release its financial statements as scheduled on June 18, 2020. The news sent Wirecard's shares down 62.31% on the day.

Crypto.com CHIEF Executive Kris Marszalek said on Twitter that all debit CARDS on Crypto.com are "fully prepaid" and held in separate customer accounts by the "e-money Agency" regulated by the U.K. 's FCA.

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