These projects were halted by a professional error. On June 4, 1859, the "Austrian Correspondence" wrongly announced the Austrian victory, specifying that a reinforcement of 50,000 troops had defeated the French on the bank of Ticino, while the actual battle ended a decisive victory for the Franco-Sardinian forces. The Austrian agency had been misled by a stock market hoax in Northern Italy, transmitted by telegraph to England and Belgium. At the end of the Battle of Magenta. The fake news for some time reversed the direction of prices on the Paris stock market. One week later, on June 11, the Austrian Council of Ministers decided to establish its own news agency for Austria and Hungary, granting state monopoly to it, as desired for years by a former figure of Austrian politics, Klemens von Metternich. Once nationalized, the "Austrian Correspondence" was renamed "Kaiserlich und Königlich Telegraphen-Korrespondenz Bureau (Office of Telegraph Correspondence). Österreichische Correspondenz sent its last dispatches in December 1859, and was succeeded by KKTK.