Scandal-hit payments firm, Wirecard, has filed for insolvency, causing its shares to dive almost 80%.
It comes after the German firm last week disclosed a 1.9 billion euro hole in its accounts.
Former boss Markus Braun has since been arrested and accused of inflating Wirecard's finances to make them appear healthier to investors and customers.
The firm's creditors stand to lose billions of euros from the scandal.
The controversy erupted last week when auditors EY refused to sign off on the firm's company's accounts, having been unable to locate the missing money.