CNBC investigates public company that changed its name to Riot Blockchain and saw its shares rocket
As bitcoin hit record highs in December, Riot Blockchain's stock shot up. A CNBC investigation found the company has many red flags.
Just to clear it up - Riot blockchain has nothing to do with Riot games!
It seems that people will buy anything with the name "Blockchain" in it. Bioptic was a medical equipment company that changed their name to "Riot Blockchain". The stocks shot up from $8 to $40 - to spite the fact the company has no plans for any type of blockchain project.
This really paints the picture of how much "dumb" money can move a stock. Just because the price moves up it doesn't mean that the company/project is any good. Please be careful what you invest into.
What a desperate move to give some life to your dieing stock. What kind of company would do such a thing...?
Oh... right...
