Enron Crypto Initiative Resurgence Sparks Curiosity, Anger, Concerns Around Parody Project

Two decades after its collapse, the Enron brand is making a surprising comeback, this time dabbling in cryptocurrencies and nfts under a satirical rebrand.

Enron is back, but only if you believe birds don't exist. Twenty-three years after Enron became the symbol of corporate fraud, the infamous Texas-based energy giant has seemingly risen from the ashes.

A polished website, vague advertisements and a press release promising to “solve the global energy crisis” have sparked speculation. The company has even hinted at launching a crypto initiative, according to brand presentationswhich refers to non-fungible tokens and “cryptocurrency exchange services.”

But behind the flashy branding lies an unexpected twist: this is not the same Enron that fell from grace 20 years ago. Instead, it appears to be a satirical rebrand put together by the same team that created the viral “Birds Aren't Real.” <a target="_blank" href="https://www.nytimes.com/2021/12/09/technology/birds-arent-real-gen-z-misinformation.html” target=”_blank” rel=”nofollow”>conspiracywhich claims that the birds are actually drones used by the US government to spy on people.

On December 2, coinciding with the anniversary of Enron's bankruptcy filing, social media accounts under the Enron name began posting a series of ads.

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The one-minute clip featured a mix of corporate imagery: city skylines, a dancer and people forming the Enron logo. The newly launched website promises a reborn company with a mission to address global energy challenges, although the details are still unclear.

Archive photos, job offers, but there is a problem

For a moment, it might even seem legitimate. The website displays job offers and team profiles, although some of them appear <a target="_blank" rel="nofollow" href="https://x.com/functi0nZer0/status/1863609533148299270″ target=”_blank”>be stock photography and an online store that sells brand-name hoodies, water bottles and polo shirts at premium prices.

The current “Enron Corporation,” far from being an energy power, is the brainchild of Connor Gaydos, co-creator of the satirical movement “Birds Aren't Real,” which claims that birds are actually government drones used for surveillance. Gaydos, which incorporated the new entity in Delaware in February, seems to have bought the Enron brand for $275 in 2020.

The company's alleged job offers, such as that of a nuclear systems engineer, are as ironic as its origins. However, the online store that sells products, including $118 hoodies emblazoned with “World's Leading Company,” appears to be very real.

Hello from the past

Founded in 1985, Enron was considered an innovator in the energy industry before revelations of fraudulent accounting practices emerged. Executives had used creative accounting to hide debt and inflate profits, misleading investors as the company's stock went from $90.75 at its peak to $0.26 at the time of bankruptcy.

As a result, Enron declared bankruptcy in December 2001, leaving thousands unemployed and wiping out billions in shareholder value. Its collapse was a turning point for corporate oversight, leading to the Sarbanes-Oxley Act, a law designed to improve corporate accountability and prevent fraud by establishing stricter rules for companies' financial reporting and audits.

Enron CEO Jeffrey Skilling was found guilty of multiple charges, including securities fraud, and was ultimately sentenced to 24 years in prison, of which he served 12 after multiple appeals. Kenneth Lay, the company's founder, died of a heart attack before being sentenced.

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Given this history, the idea of ​​an Enron comeback, particularly one linked to cryptocurrencies, raises concern. Some see the rebrand <a target="_blank" href="https://x.com/edison0xyz/status/1863593322633453901″ target=”_blank” rel=”nofollow”>like a crimewhile others see it as a scathing critique of corporate culture and the financial industry's tendency to reinvent itself. Some of its social media posts have already been flagged as misleading and skeptics have suggested that the company could even be a crypto scam.

“More to share soon”

So what exactly is the new Enron? According to the website's terms of use, the information contained on the website “is a parody protected by the First Amendment, represents performance art, and is for entertainment purposes only.”

To add to the mystique, Gaydos and his collaborator Peter McIndoe have remained silent. Media inquiries directed to the press contact for Stu Loeser & Co., a New York-based public relations firm, have received no response beyond vague promises of “more to share soon.”

Meanwhile, Enron's new countdown clock is ticking and promises to reveal more information on December 9, and its merchandise continues to sell. Whether the company is clever satire, opportunistic activity, or both, one thing is certain: the Enron name still has the power to captivate and polarize.