Not so long ago wirecard was valued at £27bn. Stark reminder of the risks of Fintech investing. And it’s auditors are certainly going to have some big questions to answer over this.
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We’ve just had an email sent out about this at work for Wirecard UK, starting to get customers who can’t access payments we’ve sent to them or are concerned about future payments.
Kept, yes, in the short term, but only because the FCA has suspended the Wirecard licence to operate. There’s no risk to the money, just no legal (or at least simple) way to get at it for the moment.
The advice to withdraw is simply to allow people continued access to the the money, not because there’s any risk of losing it (or Wirecard keeping it longer term).
I was quoting ANNA’s own blog post. I got the impression the advice to withdraw was to prevent a cash flow seize-up.
It should technically be impossible for a holding bank to access the funds deposited by other fintechs, but we shall see if that’s true shortly.
So far I don’t think there’s any indication of customer balances being missing. The missing cash is from their operational profits, not customers.
Still it’s early and they’ve clearly been fiddling accounts under the nose of the regulators, so who knows what’s what?
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Similar fun with Dozens - card transactions stopped but balances safe:
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This makes interesting reason
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Harsh given that there are a number of jobs all of which are attached to lives and families affected by all this.
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You’ve never heard of Barings Bank, have you?
Well they’ve pretty much managed to misplace all that imaginary money so not sure there’s much else to go 
i understand that but maybe wirecard shouldn’t of lied about all the money
Or Enron
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just looked them up
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Good. Educate yourself instead of gleefully celebrating a company’s demise because of a few employees.
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I think it’s important to note that I imagine it would have been a very very small % of Wirecard that committed fraud or knew anything about this. The majority of employees were just doing their job
yeah i understand but what i mean is the people should lose there jobs who did know and also stop company’s using them to stop this happening again
I don’t think anyone would disagree with that. I think your original comment may have come across a little differently to that
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They didn’t.
well they dont seem to know where its gone