Wirecard Exec Reportedly Used Bitcoin to Move Funds to Russia

Published at: July 21, 2020

Wirecard chief operating officer Jan Marsalek reportedly used Bitcoin (BTC) to move funds from Dubai to Russia.

Russian media outlet Kommersant reported on July 20 that Marsalek is hiding in Russia with funds that he was able to transfer there with the cryptocurrency.

Per the report, Marsalek is currently in a private house near Moscow under the supervision of Russian special services. 

Documents leaked earlier this month also suggest that Marsalek indeed had links with Russian government operators. According to a recent report, he allegedly held secret documents and bragged of his intelligence service ties in an effort to further integrate with London traders.

Over $2 billion missing from Wirecard

The scandal involving Marsalek started in late June, when auditors from Big Four accounting company EY could not confirm the existence of over $2.1 billion in cash in Wirecards books.

Marsalek had seemingly gone missing after a purported trip to the Philippines last month to chase down the missing funds. However, some suggested that Russia’s Federal Security Service may have helped him forge documents showing that he entered the Philippines.

News of the missing funds have since led Wirecard to file for insolvency and spurred the arrest of the firm's CEO, Markus Braun, in Germany. 

As Cointelegraph previously reported, Wirecard managed many major crypto-powered debit cards and its demise was seen as a potential blow to the crypto community. Affected crypto cards include the ones issued by companies like Crypto.com and TenX.

Still, shortly after the initial suspension, European crypto cards managed by Wirecard were reactivated following permission from the United Kingdom’s Financial Conduct Authority.

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