The €1.9 billion in fraudulent profits Wirecard reported between the beginning of 2015 and Q1 2020 was actually a €740 million ($860) loss. Even if the fraud hadn’t been uncovered when it did – even if the FT had never printed a word – the company would have eventually dissolved, as the burn rate far outstripped any reasonable expectation of income or capital raised.
Furthermore, bankruptcy court has determined that the real value of Wirecard’s assets is just €428 million, an amount dwarfed by the €3.2 billion in debt Wirecard carried when it collapsed.
