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Cybersecurity firm says social media bots hyped GameStop during trading frenzy

A cybersecurity firm discovered that bots had been selling GameStop inventory on social media earlier than and after the inventory’s frenzied rise final month, Reuters reported. Massachusetts-based PiiQ Media says social media bots promoted Dogecoin, GameStop, and different “meme” shares in posts on Fb, Twitter, Instagram, and YouTube. The firm estimated that tens of 1000’s of bots participated, but it surely’s nonetheless unclear how a lot affect they’d or didn’t have on the rise and fall of GME and different shares.

Shares in GME skyrocketed in January as Reddit customers on r/wallstreetbets rallied across the inventory in an try and squeeze hedge funds that had guess in opposition to the online game firm. PiiQ instructed Reuters it detected “patterns of synthetic habits” in GameStop-related posts simply earlier than the January twenty eighth chaos by means of February 18th.

PiiQ didn’t analyze Reddit site visitors, and Reddit CEO Steve Huffman said in a hearing earlier than the Home Monetary Providers in February that the platform had not detected any vital bot-driven exercise or international actors on the subreddit as a part of the GME trading hype.

The Securities and Alternate Fee is investigating the GameStop saga, and the Senate Banking Committee plans to carry a listening to on “the present state of the inventory market.”

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