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According to Jinse Finance, citing Caixin, US Nasdaq-listed company QMMM Holdings (NASDAQ: QMMM) announced on September 9, 2025, its plan to allocate $100 million to establish a cryptocurrency reserve, resulting in its stock price surging 9.6 times within three weeks. At the end of September, the US Securities and Exchange Commission (SEC) suspected the company of manipulating its stock price via social media platforms and ordered its suspension from trading starting September 29. The company has remained suspended since then. On October 16, Caixin visited its Hong Kong headquarters and found the office deserted. When inquiring with an employee of a neighboring company, the person stated that QMMM had moved out in September and was unaware of its new location. According to reports, QMMM was listed on Nasdaq in July 2024, registered in the Cayman Islands as a holding company. QMMM has two actual operating subsidiaries: Manymany Creations and Quantum Matrix, both primarily engaged in media and animation production. Both are registered in Harbour View Building near Tin Hau MTR Station in Hong Kong, with their registered business type listed as "advertising and market research."

According to Jinse Finance, citing CCTV News, on October 16 local time, U.S. President Trump posted on his social platform "Truth Social" that he had just finished a phone conversation with Russian President Putin, describing the call as highly productive. Trump stated that he remains committed to helping resolve the Ukraine conflict, and that both sides spent a significant amount of time discussing trade issues between Russia and the United States after the end of the Ukraine conflict. Trump announced that U.S. Secretary of State Rubio will represent the United States at the upcoming meeting with Russia. The location of the meeting and the members of the delegation have not yet been determined. Trump said that after the advisory meeting, he will meet with Putin in Budapest, Hungary, to explore whether the conflict between Russia and Ukraine can be ended.