Cynk Technolgy has attracted the skepticism of trading regulatory bodies with a spectacular 24,417 per cent rise in just under a few days

On June 16 the company was trading at 6.3 cents per share. The next day this had jumped to a staggering $2.39.  It then soared to a breathless $17 per share before sliding back to $14.9 at the close of trade on Thursday.

Even so, the company’s assets have risen from virtually nil to $4.26 billion within days.

Zero Hedge, a financial news website, investigated the phenomenon. Rather than Cynk being the next Google it is more likely just another ‘pump and dump’ fraud.

Certain large trading firms have automated the spotting and buying of rising stocks with computer algorithms. The rise of Cynk technologies would have attracted these programs and tipped off an avalanche of automated buying.

Cynk Technolgoies 24,417% share price rise in little more than a few weeks. Photo: www.businessweek.com

Cynk Technolgoies 24,417% share price rise in little more than a few weeks. Photo: www.businessweek.com

Other technology companies have no knowledge of Cynk – who they are or what they do. Attempts to contact the firm have been fruitless, as their phone is out of order. However, a brief examination of the company’s regulatory documents showed it was without cash, assets and could only boast an accumulated loss of $1.59 million.

Originally trading as introbiz.com, Cynk passed itself off as a social network able to introduce people to Hollywood movie stars via internet forums. For access to these luminaries introbiz charged the princely sum of $50. As scepticism arose about its legitimacy it quietly disappeared, changed its name, and re-emerging as the mysterious Cynk Technologies.

Investigations are progressing as no definitive proof of foul play has as yet been found.

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