Wirecard's defining moves.
The defining strategic moves at Wirecard — each one explained and grounded in the record.
The Crisis Response · Crisis Response
Wirecard Didn't Respond to Its Crisis. It Weaponized One.
Wirecard's 'crisis response' bought it five years — by attacking the truth-tellers instead of the truth. BaFin banned short-selling and filed complaints against the journalists. The €1.9 billion 'probably does not exist.'
8 min
The Crisis Response · Crisis Response
When the Regulator Hunted the Reporters: How Germany Defended the Fraud It Was Built to Stop
In February 2019, BaFin banned short-selling Wirecard and filed a criminal complaint against the two FT reporters chasing it. The regulator wasn't asleep at the wheel. It was aimed at the wrong target.
8 min
The Counterfactual · Counterfactuals
Germany's Regulator Didn't Miss Wirecard. It Was Built to Look Away.
BaFin is blamed for sleeping through a €1.9 billion fraud. The truth is sharper: Germany classified Wirecard as a tech company, so its regulator was legally empowered to watch only the small bank inside — and spent its energy banning the short-sellers instead.
8 min