SEC Halts Trading Of Cynk Technology Corp. Stock, A Mysterious And Sudden Darling With Belize Address

From an SEC halt order today.

From an SEC halt order today.

It’s one of those things almost too bizarre to contemplate: The stock price of Cynk Technology Corp. increased tens of thousands of percent over a period of days — except the Belize company supposedly in the social-networking business reportedly has no revenue and no assets.

The SEC halted trading in Cynk stock this morning, citing “concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK’s common stock.”

How a penny stock rose “to a market cap of well over $6 billion at one point” remains a mystery.

A variety of headlines:

“Tech stock soars 25,000%. Trading halted” (CNN Money)

“Penny stock soars to $6B, and even the auditor is perplexed.” (CNBC)

“Cynk Is a Joke, Not Proof of a Bubble” (Business Week)

From Twitter:

 

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3 Responses to “SEC Halts Trading Of Cynk Technology Corp. Stock, A Mysterious And Sudden Darling With Belize Address”

  1. The alleged officers are probably “proxies” as allowed per local law. I think “Planet Money” had a couple podcasts on this topic. Wonder who tried to pump and dump this obscure thing? Or did someone had a typo and hit it with high frequency trading by accident, which is just copied / cloned by other trading algorithms?

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  2. Happens alot with OTC stocks, you never know what is going on
    with boiler rooms scamers who set those up.

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  3. “Cynk Technology Is The New Scheme In Town”

    Nope, old 80-ies are back, a standard OTC pump-n-dump boiler room scheme

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