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- Wirecard, a once-valuable German fintech firm, filed for insolvency on Thursday as it battles a huge accounting scandal.
- More than $2 billion went missing from the company's balance sheet according to auditors, and Wirecard later admitted the money may never have existed.
- In a statement Thursday, Wirecard said it filed for insolvency proceedings in the Munich district court.
- The news comes just days after its ex-chief executive was arrested in relation to alleged market manipulation and false accounting.
- Shares of the company are suspended from trading.
- Visit Business Insider's homepage for more stories.
German fintech group Wirecard AG has filed for insolvency days after its CEO Markus Braun resigned and was arrested in relation to alleged market manipulation and false accounting.
It is the first member of Germany's prestigious blue-chip DAX index to fail.
See the rest of the story at Business Insider
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