SEC suspends QMMM trading as crypto treasury hype triggers suspicious 959% rally
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…
