"...investors should read the company's proposed plan of reorganization." (https://www.sec.gov/answers/qadded.htm)

There is no such current proposal, so currently, investors are simply gambling.
This doesn't imply that they are being foolish.  Assuming there is absolutely no underlying value does not preclude wagering that the price will float up and you can get out with profits.  This was done with Labcoin shares, where pretty much everyone knew Labcoin was a scam.  This is Bitcoin, no one has ever gone broke by banking on greater fools.