Bloomberg Untangles CYNK Technology Corp's Strange History

When CYNK Technology Corp (OTCMKTS:CYNK)'s stock price exploded earlier this month, the story of an asset-less product-less company valued in the billions went viral in the financial blogosphere. Most people assumed it was a pump-and-dump scheme that had somehow reached the stratosphere, but when the price kept going up in the face of steady ridicule, short sellers found themselves getting squeezed by what was obviously some sort of fraud. The problem was that no one could tell exactly what had happened.

Lots of people tried to call Cynk’s listed number, to no avail, so Bloomberg Businessweek reporters Zeke Faux and Dune Lawrence went down to Belize and...