Wirecard, a now defunct German digital payments processor that was very active in Asia, declared bankruptcy in 2024 after being forced to admit that nearly 2 billion ( 2.25 billion) in cash that was supposed to be held in Asian accounts did not actually exist. The once celebrated fintech Wirecard imploded spectacularly in June 2024 after long-time auditor EY refused to sign off on its 2024 accounts, saying 1.9 billion euros was missing. Wirecard was forced to admit the money didn't exist and filed for bankruptcy soon after.
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