SEC Halts QMMM Trading After 2,000% Stock Surge Following Crypto Treasury Announcement
TLDR
- The SEC suspended trading of QMMM Holdings stock for 10 days until October 10 due to potential manipulation via social media promotions
- QMMM shares jumped over 2,000% in one month after the company announced plans to buy Bitcoin, Ethereum, and Solana in early September
- The regulator alleges unknown persons used social media to artificially inflate the stock price and volume
- QMMM planned to initially spend $100 million building a crypto treasury, similar to over 200 companies that announced crypto strategies this year
- The SEC and FINRA are investigating unusual trading activity in several crypto treasury companies before their public announcements
The Securities and Exchange Commission halted trading of QMMM Holdings…
