Robinhood traders have slammed the investment app after its cryptocurrency platform suffered a major setback amid Dogecoin’s rally record.
Robin Hood said its crypto-trading service started airing on Thursday at 22:00 – just as the price of the meme-inspired currency began to rise.
The disruption angered Robinhood users who accused the start-up on social media of deliberately blocking them from earning the Dogecoin boom, which roughly doubles the price of the cult coin over five days.
“How convenient. Robinhood always has’ problems’ when their customers make money, ‘one person said on Twitter on Thursday, where Robinhood was a popular topic early Friday.
“I swear to God, if Robinhood does anything to mess with my #doge profit, they’re getting a single trip to the sun,” said another annoyed trader wrote.
The break came when Dogecoin’s price rose nearly 30 cents late on Thursday, according to CoinDesk more than double where it traded that afternoon.
The bounce came after the crypto-focused news store reported on meat brand Slim Jim’s attempt to expand its Twitter by engaging in conversation with Dogecoin messages.
The digital currency – which started as a joke – jumped further to a new everyday high near 33 cents on Friday morning before increasing its profit by 30.9 cents from 8:19 am, increasing it more than 5700 percent for the year has. , CoinDesk data shows.
Robin Hood said it “fully restored” its crypto-trading features on Thursday at 11:46 p.m. This is to blame for the huge demand for its cryptocurrency platform.
The Silicon Valley Company too flatly deny allegations that it placed restrictions on trading in Dogecoin, as well as so-called meme shares such as GameStop and AMC Entertainment at the end of January.
“An unprecedented demand for Robinhood Crypto services has caused temporary problems with crypto trading,” a Robinhood spokesman told The Post on Friday. “That’s it, simple and straightforward.”
But the company’s explanations did not silence online criticism about the app, which apparently also had interruptions, as the coronavirus pandemic in March 2020 had global stock markets.
“Robinhood is getting their customers going again,” one Twitter user said as the “chairman” of Reddit’s famous WallStreetBets message board. tweeted late Thursday. ‘Absolutely ridiculous. You call yourself Robinhood but take from the poor … ”
Despite the screams, Robinhood was the most popular free app in Apple’s App Store on Friday morning amid the crypto frenzy.
Robinhood struggled with the crypto riot after escalating its clash with security regulators in Massachusetts, accusing it of encouraging inexperienced investors to take unnecessary risks.
The Bay State security department has called for the registration of Robinhood broker-dealers to be revoked Thursday, saying the company has continued a pattern of aggressively attracting and attracting trade among its clients, according to The Wall Street Journal.
But Robinhood said he filed his own lawsuit in Massachusetts state court to prevent the regulators’ case from proceeding while contesting the state’s trust rule under which the case was filed.
“By trying to stop Robinhood, the department is trying to bring its residents back in time and re-establish the financial barriers that Robinhood has created to break down again,” Robinhood said in a blog post on Thursday.