What happened Shares of SOS Limited (NYSE: SOS) soared 28% Wednesday after the Chinese blockchain services company appeared to become the WallStreetBets Reddit Group's latest short-squeeze target. So what SOS Limited is attempting to become a powerful force in the Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) mining arena. The company recently raised $125 million via a share and warrant offering to buy cryptocurrency mining rigs and fund the construction of a new facility in Hejiang County, Luzhou, Sichuan. SOS Limited's shares surged Wednesday. Image source: Getty Images. However, short-sellers -- investors who place bets that can profit when a stock declines in value -- have made serious allegations against SOS. For one, noted short-seller Hindenburg Research has accused SOS of listing a hotel as its principal office and headquarters, fabricating the background of a key employee, and making a host of other dubious claims. SOS responded by issuing a statement calling these accusations "distorted, misleading, and unsubstantiated." Now what Many Reddit traders apparently have decided to side with SOS. Rather than a warning, they've taken the bears' claims as a rallying call for another short-squeeze attempt. By coordinating their share purchases and concentrating their buying power, members of the WallStreetBets Reddit Group are trying to drive up the price of SOS's shares and force Hindenburg and other short-sellers to exit their positions. Yet while traders have been successful in igniting short squeezes in heavily shorted stocks like GameStop and AMC Entertainment earlier in the year, those stocks gave back much of their gains once the trading frenzy subsided. Many individual investors who bought later in those rallies suffered brutal losses. A similar dynamic could play out with SOS, particularly if some of Hindenburg's claims prove accurate. 10 stocks we like better than SOS LimitedWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and SOS Limited wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin. The Motley Fool has a disclosure policy.Source