Wirecard — Germany's Enron

Wirecard’s $28 billion valuation evaporated faster than any fraud in DAX 30 history when auditors found €1.9 billion of phantom cash—money that simply never existed. The Munich fintech, once hailed as Germany’s answer to PayPal, saw its shares fall 98% in a matter of days. This collapse reverberated harder than a standard bankruptcy because regulators at BaFin ignored Financial Times warnings for years, later forcing a parliamentary inquiry and a €1.2 billion fine on the watchdogs themselves. The fraud’s scale is almost comical: the missing cash was roughly 25% of the company’s stated total assets.