Wirecard has filed for insolvency today due to the €1.9 billion ($2.1 billion) hole in its finances. It filed the application in Munich.
Wirecard is a German digital payments company, which operates several crypto debit cards. They include Crypto.com and TenX, which have stated that they are materially unaffected by Wirecard's lost funds.
Former CEO Dr. Markus Braun is accused of lying to auditors about the missing money. Wirecard said that the money probably does “not exist”, and that it had misled investors about how it made its profits. It has since withdrawn its annual accounts and its stock prices have plummeted.
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