The SEC has suspended trading of Cryptocurrency Treasure (DAT) Company's QMMM stock, stating that it manipulated the stock price through social media content.

BlockBeats News, September 30th, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has suspended trading of the cryptocurrency treasury company QMMM Holdings (QMMM) stock, whose price surged nearly 1000% in less than three weeks. The SEC stated that the stock price may have been manipulated by "unidentified individuals" on social media who posted recommendations to buy QMMM stock.

Earlier this month, QMMM announced plans to establish a $1 billion-scale diversified cryptocurrency treasury targeting investments in Bitcoin, Ethereum, and Solana, which led to the surge in its stock price. The SEC referred to this trading suspension as a temporary measure, set to end on October 10th at 11:59 p.m. ET. On Monday, the SEC also suspended trading of Smart Digital Group Ltd.'s stock for similar reasons, with the suspension also ending on October 10th at 11:59 p.m. ET.