Wirecard Files for Insolvency After Revealing Accounting Hole

Battered German fintech company Wirecard AG has filed for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist.

The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene. Wirecard is the first insolvent company in the DAX 30, Germany’s premier stock-market index.

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