WRIT Media Group Inc (OTCMKTS:WRIT) Looking For Bagholders

The WRIT Media Group Inc (OTCMKTS:WRIT) pump certainly didn't last too long. After failing to hold the momentum above $1, shares came crashing back down as those owning the convertible debt most likely dumped their holdings. After all, when you look at the fact that the "conversion price is 55% multiplied by the lowest value weighted average price for the Common Stock during the 5 trading day period ending on the latest complete trading day prior to the conversion date”, it's no wonder shares are dropping. When someone owns shares as cheap as these toxic financiers, any bid is a good bid.WRIT is just the latest promo from the Elite Penny Stock Group. For those that are not familiar with Elite, they are the most powerful newsletter group on the OTC markets. Their websites included finestpennystocks.com, smartstockchoices.com, smartstockwinners.com, BestAmericanStocks.com, and many others. What made Elite so powerful is that they had a massive database of names and followers. They even have other newsletters following their picks and then trying to pass off Elite picks as their own. Elite would blast their list several times a day trying to get as many buyers into their stocks as possible.Elite has left a trail of victims that only the Wolf of Wall Street can admire. Their last picks have been Broke Out Inc (OTCMKTS:BRKO), Cloudweb Inc (OTCMKTS:CLOW), AgriEuro Corp (OTCMKTS:EURI), America Resources Exploration (OTCMKTS:AREN), and Midwest Oil & Gas Inc (OTCMKTS:MWGO). Here’s a quick recap. BRKO got halted. EURI, AREN, CLOW and MWOG all left investors holding the bag. Their other current promo is Golden Edge Entertainment Inc (OTCMKTS:GDEE).The focus for WRIT has been attempting to capitalize on the back of Bitcoin and its run higher. This is a smart strategy for promoters. Find a hot sector and then tout the company as being the next big player in the sector. At the beginning of this week, WRIT announced "beta availability for its CrypStock crypto currency exchange at the following website: www.CrypStock.com. CrypStock is a crypto-currency exchange, striving to combine the crypto-currency uniqueness with the benefits of a user-friendly but sophisticated exchange system. The platform aims to give a great user experience matched with fast support, and will add new digital currencies based on popularity and requests by account holders."WRIT Media Group also said that it "plans to integrate a full system into the platform to run a digital currency exchange, including a solution for automatic market-making on exchange using third party exchanges. When launched, it will work with Pelecoin, Bitcoin and other digital currency exchanges around the world." WRIT President Eric Mitchell said:

"Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company's Pelecoin currency. Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding."

The company also hopes to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the US and abroad. Once registered, WRIT is hoping Pelecoin may be traded in several states in the US as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the company's proprietary CrypStock trading platform.Currently trading with a market cap of $20 million, the WRIT promo looks to be over. In looking at the financials, it's easy to see why the promo wouldn't last long. The latest quarterly financials showed zero revenues, a net loss of $120k, $2k in total assets, and $888k in total liabilities. We urge caution in trading WRIT and don't get left holding the bag! We will be updating Insider Financial as soon as we know more. For continuing coverage on WRIT, sign up for our free newsletter today and get a free ebook as an added bonus!Disclosure: We have no position in WRIT and have not been compensated for this article.