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Markus Braun turned himself in on Monday after the company disclosed it couldn’t account for a US$2.1-billion hole on its balance sheet that auditor KPMG flagged. Braun is accused of “inflating Wirecard AG’s sales volume with fake income.” The arrest came three days after Braun resigned as CEO of the German financial-services firm after almost two decades at the helm. (The Wall Street Journal)

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Talking point: Braun’s resignation and subsequent arrest follow years of allegations that Wirecard was inflating sales and profits to make it more attractive to investors and prospective customers. It had become one of Germany’s most promising tech companies, attracting US$1 billion from SoftBank last year, even as short sellers and reporters unearthed potential fraud within the company—allegations the firm vehemently denied. Following Braun’s resignation on Friday, the company fired COO Jan Marsalek this week. Wirecard’s valuation, once as high as US$27 billion, hit US$1.8 billion on Tuesday.

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As first reported by The Globe and Mail and BetaKit, multiple proposals have emerged to save the Toronto accelerator, whose chief backers include Oxford Properties Group and its parent Ontario Municipal Employees Retirement System pension fund. Bidders include the Ontario Centres of Excellence (OCE)—a provincially and federally funded agency that was a founding partner of OneEleven—and Mohamad Fakih, a Toronto entrepreneur known best for owning Paramount Fine Foods. (The Logic, The Globe and Mail, BetaKit)

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Talking point: OneEleven, whose alumni include Canadian financial technology companies Wealthsimple and Borrowell, announced its closure in April, citing financial constraints caused by the COVID-19 pandemic. Startups were told to vacate and arrange new terms with Oxford. Over a month later, there are competing visions for its revival. OCE hopes to make the accelerator a not-for-profit organization that helps startups find financing to grow. A spokesperson told The Logic the agency is in conversations with “numerous partners,” including “very positive” discussions with MaRS, to save it. Fakih told The Logic he believes it should be a private space “for entrepreneurs, run by entrepreneurs” and not be “a bureaucratic organisation that costs taxpayer money.” His proposal includes buying OneEleven and launching a seed fund to invest in early-stage startups who want to help it transform into “a lean, profit-centre that would continue to grow organically off its own revenues and investments.”

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The cancellation came just 17 minutes before blast-off. The launch is now scheduled for Saturday at 3:22 p.m. ET. (The New York Times)

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Talking point: NASA believes the future of space is chartered flights on private spacecraft, with the emergence of players like Jeff Bezos’s Blue Origin and Boeing’s Starliner, which SpaceX beat in the race to the launch pad. Countless companies were hoping today would be a watershed moment for the future of space exploration, moving it from a government enterprise to a commercial industry that could be worth US$1 trillion by 2040. Prior to the postponement, Dylan Taylor, CEO of Voyager Space Holdings, which is gunning to compete with SpaceX, told Protocol that the launch’s failure “would call into question everything about private enterprise, commercial crew, all of that stuff.” Onlookers noted there were no technical failures in the lead-up to today’s launch. If successful could accelerate ambitions touted by Silicon Valley billionaires of building lunar bases or sending people to Mars. Actor Tom Cruise has even expressed interest in using the International Space Station for a film.