SEC Halts QMMM Trading Over Suspected Crypto Stock Manipulation
The Securities and Exchange Commission (SEC) has halted trading of crypto treasury firm QMMM Holdings due to suspected stock manipulation. The move follows reports of unusually high trading volumes and price gains before public announcements of crypto pivots by over 200 companies.
QMMM Holdings recently announced a $100 million allocation to purchase and hold Bitcoin, Ethereum, and Solana. Following this announcement, QMMM shares surged over 1,700% in a month. However, the SEC and Financial Industry Regulatory Authority (FINRA) are now investigating allegations that recommendations via social media were designed to artificially inflate price and volume.
The trading suspension of QMMM stock will remain in effect until October 13. After this period, the SEC will determine the next steps. It is important to note that the investigation appears focused on illegal stock promotion, not the company's cryptocurrency strategy. The SEC suspects multiple individuals connected to these schemes, often involving undisclosed paid promotions.
Trading of QMMM Holdings will remain suspended until October 13, pending the outcome of the SEC's investigation into potential stock manipulation. While the company's cryptocurrency strategy is not under scrutiny, the halt serves as a reminder of the importance of transparency and fair practices in the stock market.
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