SEC suspended trading on shares of UBI Blockchain Internet, which is engaged in promoting programs and services in the field of blockchain. The regulator said that this decision is due to the fact that the information provided by UBI may not be true, as well as with "recent unusual and inexplicable activity in the market."
UBI Blockchain was able to achieve a capitalization of $ 800 million in the wake of the popularity of crypto-currency, despite the lack of profitability per se and the idle phone number, Bloomberg reported citing the SEC statement.
We believe the general public is confusing our blockchain technology with bitcoin companies. [UBI Blockchain was] involved in blockchain technology for well over two years before the bitcoin buying frenzy took place and we plan to be in business for years after the bitcoin buying anomaly ends.
The company was founded in 2010 and for a long time was called JA Energy, however in November 2016 it changed its name to the one that better reflected its involvement in the blockbuster area. UBI states that it uses the block so that its customers can "trace the way food and medicines move from the place of production"
UBI BlockChain Internet Ltd.
UBI shares were worth about $ 7.20 on December 8, and on December 18 they traded at $ 87, jumping up against the backdrop of the growth of the crypto-currencies and shares of other blocking companies. At the peak, their price reached $ 115, although in February last year they cost only 55 cents. On Friday, before the freezing of trades, their rate fell to $ 22.