The U.S. Securities and Exchanged Commission has temporarily suspended trading of The Crypto Co. stock, which has exploded in value in recent months.
“The Commission temporarily suspended trading in the securities of The Crypto Company because of concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock,” the SEC said in a statement earlier today.
“Questions have also arisen concerning potentially manipulative transactions in the company’s stock in November 2017,” the SEC said.
The lightly-traded, over-the-counter stock surged in value from $3.30 a share on Sept. 27 when trading began to more than $640 a share this past week.
Nevada-based Crypto says it is developing proprietary technology for the managing of trading in cryptocurrencies. It also does consulting, advising organizations that want to trade in cryptocurrencies, and hosts educational programs and webinars on the cryptocurrency market.
On Twitter, Crypto calls itself the “first & only public reporting company offering a portfolio of digital assets, technologies, & consulting services to the blockchain and cryptocurrency markets.”
The SEC said trading in the stock is suspended until Jan. 3.
The company’s CEO told Business Insider that the company is fully complying with its reporting requirements. “SEC is sending the wrong message,” Mike Poutre told the website. “We are working with counsel and will handle things appropriately.”
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