SEC Halts Trading in Firm That Rose 959% on Crypto Plan (1)

The US Securities and Exchange Commission suspended trading in QMMM Holdings Ltd. after its shares surged almost 1,000% in less than three weeks, saying the digital media advertising firm’s stock may have been manipulated by touts on social media.

QMMM’s stock has surged 959% since before the company said earlier this month that it was establishing a “diversified cryptocurrency treasury” that would initially reach $100 million and target Bitcoin, Ethereum and Solana.

In its Sept. 9 release, QMMM also said it was announcing its “strategic entry into the cryptocurrency sector,” citing the use of artificial intelligence and blockchain ...