Cynk Technology Corp. (CYNK), a former non-revenue-generating stock, is seen in the list of advancers after the 10-day suspension by the US regulators ended yesterday. Notably, CYNK’s 36,000 percent progressed. The rapid fall of Cynk by 85%, with more or less 460,000 shares adjudged, countered its fast $6 billion growth in the market last July.
Cynk seems to be on a downtrend after a report from Bloomberg’s Zeke Faux was raised, regarding the suspicious growth of the company’s market value (more than $6 billion) within an hour in July. The stock of the organization traded at $21.95. This raise for the company having no revenue or asset, but one employee, caused a stir in the stock market. Business blogs and Twitter specialists even in general described Cynk’s growth “pure madness”. The debunking of the company’s alleged distrustful growth caused United States regulators to suspend the company for 10 days and entail for its stocks advance (36,000 percent).
The suspension of the company following its fast stock market growth within an hour made the Securities and Exchange Commission state their concerns with regards to the marketplace’s accuracy and adequacy of traders’ information. Most likely, there have been manipulative transactions that took place that drove Cynk to reach a market value equaling a large company’s worth. OTC Markets Group Inc. chief executive officer, Cromwell Coulson, attested that there are brokers governed by SEC who can trade stocks through the grey market.
The downward trend of Cynk stirred the interest and worry of most specialists in the trading area. Michael Block, a chief strategist at Rhino Trading Partners LLC, assumed that a lot of money may have been lost due to the manipulation of stock and run-ups participation. This also pushed the CEO of OTC Markets to inhibit Cynk from trading on venues managed by the largest stock marketplace worldwide.
Controlling the Cynk trading will be carried on as proven by Financial Industry Regulatory Authority’s declaration of requiring a filing from market makers who will quote bids and offers for the surmised company. Coulson is confident that suspension and qualms associated with the company will stop brokers from ever trading for Cynk’s shares. A skull-and-crossbones icon will always denote Cynk as an untrustworthy trader.
Truth to be told, Cynk is standing by the regulatory board’s reservations on its operation. Aside from its one-employee company, the filings with the SEC revealed that the company never had an operation or even a stagnant office in Belize City, particularly in Suite 400 of Matalon building. Reports even indicated that there is no Suite 400. Cynk is backed by the supposed to be social network operator’s lies, including its no affiliate social network.