PANews reported on September 30th that the U.S. Securities and Exchange Commission (SEC) has suspended trading in QMMM Holdings Ltd.'s stock after its share price surged nearly 1,000% in less than three weeks, according to Bloomberg. The SEC stated on Monday that recommendations to buy QMMM stock posted on social media by "unidentified individuals" may have manipulated its share price. Since QMMM announced earlier this month that it would establish a "diversified cryptocurrency treasury" with an initial investment of $100 million, targeting investments in Bitcoin, Ethereum, and Solana, its share price has surged 959%. The SEC stated that the trading suspension is a temporary measure and will end at 11:59 PM EST on October 10th. On Monday, the SEC also suspended trading in Smart Digital Group Ltd.'s shares for similar reasons. The suspension will also expire at 11:59 PM ET on October 10. The company announced last week that it would establish a "diversified cryptocurrency asset pool," focusing on digital assets like Bitcoin and Ethereum. Since the announcement, its stock price has fallen significantly.PANews reported on September 30th that the U.S. Securities and Exchange Commission (SEC) has suspended trading in QMMM Holdings Ltd.'s stock after its share price surged nearly 1,000% in less than three weeks, according to Bloomberg. The SEC stated on Monday that recommendations to buy QMMM stock posted on social media by "unidentified individuals" may have manipulated its share price. Since QMMM announced earlier this month that it would establish a "diversified cryptocurrency treasury" with an initial investment of $100 million, targeting investments in Bitcoin, Ethereum, and Solana, its share price has surged 959%. The SEC stated that the trading suspension is a temporary measure and will end at 11:59 PM EST on October 10th. On Monday, the SEC also suspended trading in Smart Digital Group Ltd.'s shares for similar reasons. The suspension will also expire at 11:59 PM ET on October 10. The company announced last week that it would establish a "diversified cryptocurrency asset pool," focusing on digital assets like Bitcoin and Ethereum. Since the announcement, its stock price has fallen significantly.
US SEC suspends trading in shares of digital asset treasury firms QMMM and Smart Digital
PANews reported on September 30th that the U.S. Securities and Exchange Commission (SEC) has suspended trading in QMMM Holdings Ltd.'s stock after its share price surged nearly 1,000% in less than three weeks, according to Bloomberg. The SEC stated on Monday that recommendations to buy QMMM stock posted on social media by "unidentified individuals" may have manipulated its share price. Since QMMM announced earlier this month that it would establish a "diversified cryptocurrency treasury" with an initial investment of $100 million, targeting investments in Bitcoin, Ethereum, and Solana, its share price has surged 959%. The SEC stated that the trading suspension is a temporary measure and will end at 11:59 PM EST on October 10th.
On Monday, the SEC also suspended trading in Smart Digital Group Ltd.'s shares for similar reasons. The suspension will also expire at 11:59 PM ET on October 10. The company announced last week that it would establish a "diversified cryptocurrency asset pool," focusing on digital assets like Bitcoin and Ethereum. Since the announcement, its stock price has fallen significantly.
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