Scandal-Rocked Energy Firm Enron Relaunches—With a Potential Crypto Twist

Enron—yes, that Enron—announced on Monday that it has relaunched to “solv[e] the global energy crisis” with the aid of decentralized technology, some 23 years after the firm collapsed in what was then the greatest corporate fraud scandal in American history.

“With a bold new vision, Enron will leverage cutting-edge technology, human ingenuity, and the spirit of adaptation to address the critical challenges of energy sustainability, accessibility, and affordability,” the newly reformed company said in a statement today. 

Enron has not yet offered much in the way of specifics regarding what exactly it plans to achieve, and how—but the firm says “permissionless innovation” will be a cornerstone of its approach, and that it plans to play a key role in the advancement of “decentralized technology.”

An Enron spokesperson declined comment when asked how exactly crypto might be well-suited to accomplishing the company’s new goals, and whether it has plans to work with any specific blockchains. 

The most tangible information provided by the company today alluded to its plans to invest in renewable energy infrastructure, energy storage, and advanced power distribution systems. 

Enron once ranked among America’s largest energy companies, until a 2001 scandal revealed the company to have hid billions of dollars in debt through systemic fraudulent accounting practices. Enron’s ensuing multi-billion bankruptcy—plus the criminal charges levied against many members of its leadership—made the company’s name synonymous with corporate fraud. 

Now, that name is being dusted off for the first time in decades, to achieve as-of-yet murky plans in the intersection of energy and crypto.

Enron did acknowledge the elephant in the room on Monday, asserting that “ethical business practices” will be a key feature of its reincarnation. The company also plans to demonstrate a “renewed commitment to integrity” and “forgiveness.”

As far removed as Enron might seem from the world of crypto, the company’s undoing did resurface in late 2022, when industry leaders compared it to the then-unfolding collapse of FTX. 

The bankruptcies of both now-infamous firms were overseen by the same executive, John J. Ray III, who said at the time that FTX’s misdeeds were—even compared to Enron’s—“unprecedented.”

Maybe that’s an alluring prospect for Enron’s new leaders, then: crypto’s the one industry that’s already, somehow, seen worse.

Edited by Andrew Hayward