Enron is returning to crypto and NFTs under a satirical rebranding 20 years after its bankruptcy.
Only if birds don't exist is Enron back. Twenty-three years after Enron became a symbol of corporate deceit, the Texas energy behemoth has apparently recovered.
A sleek website, cryptic claims, and a news release promising to “solve the global energy crisis” have generated suspicion. Trademark filings include non-fungible tokens and “cryptocurrency exchange services.” The corporation has hinted at a crypto endeavor.
This Enron is different from the one that went bankrupt 20 years ago, despite the fancy logo. Instead, it seems to be a satirical rebranding by the same team that invented the popular “Birds Aren’t Real” myth, which says birds are U.S. government drones that spy on people.
The minute-long animation mixed business images including city skylines, a ballerina, and Enron logo-forming humans. The new website promises a resurrected organization to solve global energy problems, but specifics are few.
It could look real at first. Job listings, team biographies (some of which are stock images), and an online shop offering branded sweatshirts, water bottles, and polo shirts at premium pricing are on the website.
The current “Enron Corporation,” created by Connor Gaydos, co-creator of the satirical “Birds Aren’t Real” campaign, says that birds are government drones employed for surveillance. Gaydos, who established in Delaware in February, may have bought the Enron trademark for $275 in 2020.
their fake job advertisements, including one for a nuclear systems engineer, are as satirical as their roots. However, the internet shop offering $118 sweatshirts with “World’s Leading Company” looks to be legitimate.
Before its accounting scandal, 1985-founded Enron was an energy sector trailblazer. Executives disguised debt and inflated earnings using innovative accounting, deceiving investors as the company's shares fell from $90.75 to $0.26 at bankruptcy.
The December 2001 bankruptcy of Enron left thousands jobless and wiped away billions in shareholder value. Its collapse changed corporate supervision, leading to the Sarbanes-Oxley Act, which tightened financial reporting and audits to reduce fraud.
Jeffrey Skilling, former Enron CEO, was sentenced to 24 years in jail for securities fraud and spent 12 after many appeals. Company founder Kenneth Lay died of a heart attack before sentencing.
Given this background, an Enron return, especially related to crypto, is concerning. Rebranding is seen as a crime or a criticism of corporate culture and the financial industry's urge to remake itself. Skeptics say the business may be a crypto fraud, and some of its social media postings are deceptive.
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