🔴 Zip is trading 29.47% down after US fraud incident hit growth

Zip is trading 29.47% down at A$1.46 in the October 23 session after disclosing a coordinated US fraud incident.

• Zip said the incident affected transaction volumes and new-customer growth in July and August.
• It led to A$10.1 million in cash operating expenses; Zip said it had contained the fraud and notified authorities.
• Reuters reported the shares fell as much as 50.5% intraday after the disclosure.