Enron is one of the biggest corporate disasters in US history. The giant was founded in 1985 as an energy company, after which it became a symbol of innovation in the market by introducing new financial instruments and derivatives. However, behind all this there were fraudulent schemes that led to its collapse.

In particular, the company manipulated accounting statements, hiding debts and risks through a network of fictitious companies. This allowed Enron to demonstrate artificially high profits and maintain investor confidence for a long time.

In 2001, the scale of the fraud came to light and Enron declared bankruptcy. This crashed the market and caused billions of dollars in losses.

Cryptocurrency fraudsters

The Enron scandal was a turning point for corporate regulation. It led to the creation of the Sarbanes-Oxley Act, which tightened controls over financial reporting and auditing of companies.

Today, the Enron story serves as a reminder of the importance of transparency and responsibility in business. And now this story is being used for their own gain by fraudsters.

How is the Enron brand being used?

The tweet about the potential token issue has already been deleted, but the “prank” itself caused a wave of outrage among former Enron employees. Many said such actions could cause millions of dollars in reputational and real losses.

Earlier this week – that is, 23 years after the company filed for bankruptcy – a post appeared on Twitter about Enron’s alleged resumption of operations. Judging by the content of the post, it was supposed to address “solving the global energy crisis.”

The revived brand also advertised on at least one billboard in Houston, Texas, where the original Enron was headquartered. Here’s the relevant photo.

Enron’s new billboard

The now-deleted tweet also hinted at the release of its own token.

We don’t have a token or coin (yet). Stay tuned, we look forward to showing you more.

A fake tweet by the scammers on behalf of Enron

The prank doesn’t end there – the people behind it have bought out Enron’s original domain name and posted “terms and conditions of token sale” on the site. In them, you can find the following lines about what’s going on.

The information on the site is a parody protected by the First Amendment, is a performance art and is for entertainment purposes only.

Enron’s updated website

Former employees of the company, however, were not amused. Diane Peters, who represented employees in the company’s bankruptcy proceedings, said that “it’s a pretty sick joke that demeans the people who worked there.” Here’s a comment.

Why would you even want to bring it up again? If it’s a joke, it’s extremely, extremely crude. I hope they realise this and apologise to all Enron employees.

The fake announcement of Enron’s alleged comeback.

However, former Enron vice president of corporate development Sherron Watkins said she doesn’t mind the performance art. She said humour “usually helps focus on an uncomfortable historical event” that many would rather ignore.

According to Cointelegraph’s sources, Enron executives used sophisticated accounting techniques in the 1990s to hide billions of dollars in debt from failed deals and projects. They set up hundreds of special purpose entities and offshore companies to transfer debts off Enron’s balance sheet.

After the collapse of investor confidence in late 2001, Enron’s stock price plummeted, and the company filed for bankruptcy on 2 December. At the time, it was the largest bankruptcy in U.S. history, resulting in more than 20,000 employees losing their jobs.

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The week’s major turmoil also took place in South Korea. Over the past 24 hours, local crypto exchanges saw a record trading volume that surpassed the $34 billion mark. The spike happened when South Korean President Yoon Seok-yeol declared a martial law emergency that lasted for six hours.

The 24-hour trading volume nearly doubled from the 2 December data. More than 27.25 billion worth of trades were processed on South Korea’s largest exchange Upbit alone.

State of emergency in South Korea

The surge in the figures came as the country’s president declared martial law emergency late Tuesday night. He said he was ostensibly seeking to protect the country from threats to democracy posed by “anti-state” forces in the form of a left-leaning opposition political party, The Block reported.

Traders rushed to sell their cryptocurrencies on local exchanges, causing the price of Bitcoin on Upbit to drop to 88 million won, or $62,182. Most other cryptocurrencies on major South Korean exchanges also fell in price, and platforms experienced outages due to the surge in activity.


The situation shows that cryptocurrencies are unlikely to protect investors during such events. Accordingly, coin enthusiasts should take this feature into account and, among other things, keep a certain stock of stablecoins to replenish the stock of full-fledged coins during difficult periods.

Cryptocurrency market collapse


Bitcoin continues to balance below $100,000, which has brought the crypto to the attention of the general public. Of course, this will also be taken advantage of by malicious criminals who will try to capitalise on the hype. Therefore, investors should be even more cautious about investing during the bullrun, following the example of the current one.
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Look for more interesting information in our millionaire cryptocurrency chat room. There we will talk about other important topics related to the coin industry and decentralised platforms.

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