NASDAQ: JYD is a ticker that is currently being heavily promoted on Whatsapp groups. The bad actors are trying to dupe everyday American retail investors into putting their money into a stock that’s headed to zero.

The scammers take a stock that normally doesn’t trade much volume and use an illegal practice which has been covered on this website before – wash trading, to make it seem as though retail investors are rushing to purchase the stock, sending the price higher. In reality, the crooks are merely trading the stock back and forth to themselves in order to increase the share price.

To aid in the scam, the company, based in Shenzhen, China, had an aptly-timed press release which is aimed to match the sudden rise in the stock price. The scammers then use what seems like a perfect storm of a rapidly rising stock price coupled with a great press release to hawk the stock to American investors. Investors are currently being urged to purchase the stock NOW before the price runs away. In reality, the scammers will soon pull the plug on the scheme, thus sending the stock price to just pennies.