The state of crypto debit cards after the Wirecard collapse

Wirecard, the German fintech giant and the issuer of several high-profile crypto debit cards, collapsed in the last two weeks as its stock price sank by 97% — from over €100 on June 18 to around €3 as of today.

Wirecard’s collapse began on June 18 when its auditor refused to sign off on the company’s 2019 financial report and said it was unable to find evidence for €1.9 billion worth of cash. Wirecard at the time said “spurious” balances may have been provided by a third-party “in order to deceive the auditor.”