Robinhood traders crashed into the investment app after its cryptocurrency platform suffered a major disruption in the midst of Dogecoin’s record concentration.
Robin Hood dit its cryptocurrency trading service began operating at 10pm on Thursday, in the same way that the price of meme-inspired currency began to rise.
The disruption infuriated Robinhood users who accused the launch on social media of intentionally blocking them from being able to charge the Dogecoin hike, which saw the price of the cult currency roughly quadruple. in five days.
“How convenient. Robinhood always has “problems” when its customers make money, ”says one person he said on Twitter on Thursday, where Robinhood was a trending topic early Friday.
“I swear to God, if Robinhood does anything to wrap up my #doge benefits, he’ll get a one-way trip to the sun,” irritated another trader he wrote.
The disruption occurred when the price of Dogecoin rose to nearly 30 cents on Thursday afternoon, more than double what it traded that afternoon, according to CoinDesk.
The rebound came after the crypto-centric news media reported on the meat stick brand’s Slim Jim brand effort to increase its follow-up on Twitter through the participation of Dogecoin posts.
The digital currency, which began as a joke, jumped higher on Friday morning to a new all-time high of about 33 cents before comparing the trade gain to 30.9 cents as of 8:19 p.m. morning, which accounted for more than 5,700 percent during the year, CoinDesk data show.
Robin Hood dit had “completely restored” its cryptographic trading functions by 11:46 p.m. He blamed the problems on the high demand for his cryptocurrency platform.
The Silicon Valley company as well flatly denied allegations that it had imposed restrictions on Dogecoin trading, as it did on so-called meme stocks like GameStop and AMC Entertainment in late January.
“The unprecedented demand for Robinhood Crypto services created temporary problems with the crypto trade,” a Robinhood spokesman told The Post on Friday. “That’s all, simple and straightforward.”
But the company’s explanations did not silence online criticism of the app, which also suffered disruptions as the coronavirus pandemic rocked global stock markets in March 2020.
“Robinhood baffles its customers again,” a Twitter user who identifies himself as the “president” of Reddit’s famous WallStreetBets message board he tweeted late thursday. “Absolutely ridiculous. Your name is Robinhood but you take from the poor … “
Despite the scream, Robinhood was the most popular free app in the Apple App Store on Friday morning amid the cryptographic frenzy.
Robinhood faced cryptocurrency shock after heating up his clash with Massachusetts securities regulators, who have accused him of encouraging inexperienced investors to take unnecessary risks.
The Bay State Securities Division called for the revocation of Robinhood’s broker and dealer registry on Thursday, saying the company “continued with a pattern of aggressively inducing and seducing trade among its customers,” according to the Wall. Street Journal.
But Robinhood said he filed his own complaint in Massachusetts state court to prevent the regulators’ case from being prosecuted while challenging the state fiduciary rule that the case was filed.
“In an attempt to block Robinhood, the division is trying to reclaim its residents over time and restore the financial barriers that Robinhood was founded to break,” Robinhood said in a blog post on Thursday.