ZKIN Stock Price Increased Over 46% Intraday: Why It Happened

By Amit Chowdhry ● February 22, 2021
  • The stock price of ZK International Group Co Ltd (NASDAQ: ZKIN) increased by over 46% during intraday trading. These are the details.

The stock price of ZK International Group Co Ltd (NASDAQ: ZKIN) increased by over 46% during intraday trading as it went from a previous close of $8.72 to a day high of $12.80. This appears to be continued momentum from last week’s announcement.

Last week, ZK International Group announced that xSigma Corporation (a subsidiary of thecCompany and a blockchain R&D lab) announced that the smart contracts of its DeFi Protocol have been audited by Hacken and the Protocol has successfully passed Hacken’s audit with its designation of a “well-secured” score. The audit by Hacken’s team found no critical or high severity issues. 

Hacken is a leading European security firm specialized in blockchain. And Hacken’s clients include some of the biggest blockchain companies like VeChain, 1Inch, gate.io, FTX, Bithumb, etc. As xSigma is continuing to practice the best in class and as it continues to to protect the security of the protocol for its community, it plans to complete more audits on the DeFi protocol with other auditors in the second quarter of 2021.

The launch of xSigma’s DeFi Protocol is scheduled for February 24, 2021. And the exact time will be announced on xSigma’s website (https://xsigma.fi) and in its social media accounts.

KEY QUOTE:

“Today, the security problem in the world of decentralized apps has escalated, and we wanted to mitigate risks by completing the audit to verify the security of the DeFi Protocol before the platform goes live. We are happy to finish the first audit of the protocol and we look forward to continue to offer a secure protocol by completing the second audit within the next few months.”

— Jiancong Huang, Chairman and Chief Executive Officer of ZK International

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.