The SEC has suspended trading of QMMM stock for the encryption treasury (DAT) company, stating that it manipulated stock prices through social media content.

On September 30, Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) has suspended trading of QMMM Holdings (QMMM) stock from Crypto Assets (DAT), which has seen its stock price surge nearly 1000% in less than three weeks. The SEC stated that recommendations to purchase QMMM stock posted by "unknown individuals" on social media may have manipulated its stock price. Since QMMM announced earlier this month that it would establish a "diversified crypto assets treasury" with an initial size of $100 million, targeting investments in Bitcoin, Ether, and Solana, its stock price has skyrocketed. The SEC referred to this trading suspension as a temporary measure, which will end at 11:59 PM Eastern Time on October 10. On Monday, the SEC also suspended trading of Smart Digital Group Ltd. for similar reasons, which will also end at 11:59 PM Eastern Time on October 10.