|Company Name||SOS Limited|
On February 26, 2021, Hindenburg Research and Culper Research published reports regarding SOS, alleging that the Company was a "pump and dump" scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. The reports pointed out that SOS lists a hotel room as the company’s headquarters and that SOS purportedly bought mining rigs from a fake shell company. Moreover, the reports noted that the photographed SOS "miners" weren't the A10 Pros the company claimed to own but were actually Avalon's A1066 miners. Hindenburg went even further and found the original images from SOS's site belonged to a rival RHY.
On this news, the Company’s share price fell $1.27, or 21%, to close at $4.77 per share on February 26, 2021.
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