Hindenberg Research has accused a Chinese blockchain company, SOS Ltd. (NYSE:SOS), of fraud in a series of tweets. Hindenberg Research gained notoriety last year when it accused Nikola Motors (NASDAQ:NKLA) of fraud. SOS lost one-third of its market capitalization intraday after Hindenberg reported mid-day on Friday. The stock recovered on Monday, rallying 40% into the close of trading.
- Morgan Stanley, Credit Suisse, and Jefferies Group helped list the American Depositary Shares of SOS on the New York Stock Exchange.
- Morgan Stanley's ex-vice chairman of investment banking, Douglas Brown, has been a member of the board of directors at SOS since 2007.
- SOS entered the crypto space in January 2021 by investing in crypto mining under the guidance of Dr. Huazhong (Eric) Yan. SOS also had another blockchain project called FXK.
- Yan is the founder of eSecureChain Technologies Inc. and joined the SOS team on Jan. 6, 2021.
This story continues in part 2 below...