Market watchers are baffled over the story of CYNK Technology, which operates the website introbiz.com, which looks like some kind of imaginary site where you can get in touch with celebrities. It has no revenues, no profits, no assets and one staff member.

Somehow since June 15 the shares of the company have shot to $17.70 from 6-cents. Meaning that if you bought 100 shares — $6 worth — a month ago it would be worth $1800 at the moment — a nearly 30,000% return. Just in the past hour, shares have risen another $2.

CYNK shares July 10

CYNK shares

The volume is low but 109,000 shares have traded today so someone, somewhere thinks this company is worth something. The market cap is now worth more than $5 billion, about the same as Blackberry.

It’s nearly-impossible to short because it’s traded over the counter but this is a bizarre story and feels like a warning sign about a frothy market.

It looks like some kind of wild west stock promotion pump-and-dump scheme that’s gotten way out of hand.

Update: Shares have now crossed $20. With 210m shares, $CNYK CEO Marlon Sanchez is now the world’s #377 richest person with a paper wealth of $4.2B… just ahead of Bernie Ecclestone and Eduardo Savarin.