SEC suspends QMMM trading as crypto treasury hype triggers suspicious 959% rally
The post SEC suspends QMMM trading as crypto treasury hype triggers suspicious 959% rally appeared on BitcoinEthereumNews.com. The U.S. Securities and Exchange Commission has suspended all trading activity in QMMM Holdings Ltd. after the firm’s stock price jumped 959% in just under three weeks. The SEC made the decision on Monday, citing possible price manipulation on social media platforms. In its official notice, the regulator said “unknown persons” may have influenced the price of QMMM by urging investors to buy shares online, without disclosing when the promotions were posted. QMMM, a Hong Kong-based advertising tech company, had announced on September 9 that it was entering the crypto sector and building a $100 million treasury to buy Bitcoin, Ethereum, and Solana. That announcement triggered a parabolic rally in its share price, pushing it up from penny stock territory into a frenzy of retail attention. The SEC’s trading halt will remain in effect until 11:59 p.m. ET on October 10. The company lists its U.S. shares through a holding firm registered in the Cayman Islands and trades on Nasdaq. Both QMMM and Nasdaq failed to reply to press inquiries submitted after business hours. QMMM builds crypto treasury and announces entry into Web3 The now-suspended firm had rolled out a flashy strategy earlier this month to pivot into crypto, claiming it would establish a diversified crypto treasury aimed at delivering both stability and transparency. The company said the first wave of funds would go into Bitcoin, Ethereum, and Solana, alongside investment plans that include backing Web3 infrastructure and acquiring premium global equity assets aligned with QMMM’s new direction. QMMM’s CEO Bun Kwai had described the pivot as a move to stay ahead of the digital economy. “The global adoption of crypto and blockchain technology is accelerating at an unprecedented pace,” Bun said in the September 9 statement. “QMMM’s entry into this space reflects our commitment to technological innovation and our…
The post SEC suspends QMMM trading as crypto treasury hype triggers suspicious 959% rally appeared on BitcoinEthereumNews.com.
The U.S. Securities and Exchange Commission has suspended all trading activity in QMMM Holdings Ltd. after the firm’s stock price jumped 959% in just under three weeks. The SEC made the decision on Monday, citing possible price manipulation on social media platforms. In its official notice, the regulator said “unknown persons” may have influenced the price of QMMM by urging investors to buy shares online, without disclosing when the promotions were posted. QMMM, a Hong Kong-based advertising tech company, had announced on September 9 that it was entering the crypto sector and building a $100 million treasury to buy Bitcoin, Ethereum, and Solana. That announcement triggered a parabolic rally in its share price, pushing it up from penny stock territory into a frenzy of retail attention. The SEC’s trading halt will remain in effect until 11:59 p.m. ET on October 10. The company lists its U.S. shares through a holding firm registered in the Cayman Islands and trades on Nasdaq. Both QMMM and Nasdaq failed to reply to press inquiries submitted after business hours. QMMM builds crypto treasury and announces entry into Web3 The now-suspended firm had rolled out a flashy strategy earlier this month to pivot into crypto, claiming it would establish a diversified crypto treasury aimed at delivering both stability and transparency. The company said the first wave of funds would go into Bitcoin, Ethereum, and Solana, alongside investment plans that include backing Web3 infrastructure and acquiring premium global equity assets aligned with QMMM’s new direction. QMMM’s CEO Bun Kwai had described the pivot as a move to stay ahead of the digital economy. “The global adoption of crypto and blockchain technology is accelerating at an unprecedented pace,” Bun said in the September 9 statement. “QMMM’s entry into this space reflects our commitment to technological innovation and our…
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