Were the shareholders of ZTNO (Zoom Technologies Inc.) just hustled?

According to most financial sites, shares of Zoom Technologies Inc. (ZTNO) just suddenly went to zero.

Before anyone panics, I’m not referring to Zoom Video Communications Inc. (ZM), the maker of the popular Zoom videoconferencing and meetings platform.

I’ve been watching Zoom Technologies Inc., out of curiosity, since it went sky-high as people mistook it for the other Zoom.

Zoom Technologies Inc. was given a new stock ticker symbol due to the confusion, and the OTC equity quickly went back to reasonable levels.

Since the change in ticker symbols, the OTC equity was trading at between $0.25 and $0.80 per share. Very recently (the last several weeks), highly unusual trades at wildly different prices caught my eyes. Now that the price per share suddenly dropped to zero, I wonder if something fishy was going on.

What’s even more odd, is that Zoom Technologies is reportedly a Chinese holding company that owns several subsidiaries that manufacture, research, develop, and sell electronic communication products for mobile phones, wireless communication circuitry, and related software products that are both exported and sold domestically (source: bloomberg.com). The company also reportedly owns a subsidiary that develops video games. The company has reportedly been around since 1997. It seems unlikely that all its various subsidiaries would suddenly fail at the same moment, possibly without any notice.

Does anyone know what happened here? If it was a scam, can you explain how the scam likely worked?