Enron, the failed energy giant that is known for pulling off one of the biggest fraud schemes in history, is not launching a cryptocurrency project despite some social media speculation.

Earlier today, several social media accounts started sharing a press release announcing a relaunch of the company that is purportedly "dedicated to solving the global energy crisis."

The press release said that "decentralized technology" would play a role in the company's future, strongly hinting at a crypto pivot.  

Several prominent X accounts as well as some media outlets took the announcement at face value. However, many social media users posting sarcastic replies did not realize that the joke was on them.  

The announcement in question was actually published by a parody website that is intended for "entertainment purposes" only. 

Enron, which used to be among America's biggest companies, ended up imploding in the early 2000s amid a massive accounting scandal. The unfortunate shareholders of the company lost a staggering $74 billion, which shows the sheer scope of the corporate and accounting fraud pulled off by Enron. 

Jeffrey Skilling, the former Enron boss, was released back in 2019 after serving 14 years behind bars (he was initially supposed to serve 24 years). Kenneth Lay, another prominent Enron executive, died of a heart attack before his sentencing.

Perhaps, the fact that many crypto enthusiasts fell for the latest sham highlights the sheer level of market exuberance. 

Some might have assumed that Enron was tempted to follow the example of "pharma bro" Martin Shkreli who ended up dabbling in crypto after serving his prison time.