Reuters: “Phantom billions plunge Wirecard into chaos”. The first noticeable failure on the fintech market

Wirecard announced on June 22 that 1.9 billion euros ($2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany’s financial watchdog.

Moody’s withdrew its rating on Wirecard - cut to junk only after CEO Markus Braun quit - citing insufficient independently verifiable information.

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