{"id":228527,"date":"2021-04-16T16:09:30","date_gmt":"2021-04-16T13:09:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/robinhood-slammed-over-crypto-outage-during-dogecoin-surge\/"},"modified":"2021-04-16T16:09:30","modified_gmt":"2021-04-16T13:09:30","slug":"robinhood-slammed-over-crypto-outage-during-dogecoin-surge","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/robinhood-slammed-over-crypto-outage-during-dogecoin-surge\/","title":{"rendered":"#Robinhood slammed over crypto outage during Dogecoin surge"},"content":{"rendered":"

“#Robinhood slammed over crypto outage during Dogecoin surge<\/strong>”<\/p>\n

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Robinhood traders slammed the investing app<\/a> after its cryptocurrency platform suffered a major outage right in the middle of Dogecoin\u2019s record-setting rally.<\/p>\n

Robinhood said<\/a> its crypto trading service started going haywire by 10 p.m. Thursday \u2014 just as the price of the meme-inspired currency started spiking.<\/p>\n

The disruption enraged Robinhood users who accused the startup on social media<\/a> of intentionally blocking them from cashing in on the Dogecoin surge that\u2019s seen the cult coin\u2019s price roughly quadruple over five days.<\/p>\n

\u201cHow convenient. Robinhood always has \u2018issues\u2019 when their customers are making money,\u201d one person said Thursday on Twitter<\/a>, where Robinhood was a trending topic early Friday.<\/p>\n

\u201cI swear to god, if Robinhood does anything to mess with my #doge profit, they are getting a one way trip<\/a> to the sun,\u201d another irritated trader wrote<\/a>.<\/p>\n

\"Robinhood
Robinhood flatly denied allegations that it had placed restrictions on Dogecoin trading.<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

The outage came as Dogecoin\u2019s price rallied to nearly 30 cents late Thursday, more than double where it traded that afternoon, according to CoinDesk<\/a>.<\/p>\n

The bounce came after the crypto-focused news outlet reported<\/a> on meat stick brand Slim Jim\u2019s effort to increase its Twitter following by engaging with Dogecoin posts.<\/p>\n

\"Robinhood
Robinhood said its crypto trading service started going haywire by 10 p.m. Thursday \u2014 just as the price of the meme-inspired Dogecoin started spiking.<\/figcaption>
Yuriko Nakao\/Getty Images<\/span><\/figcaption><\/figure>\n

The digital currency \u2014 which started as a joke \u2014 jumped further Friday morning to a new all-time high near 33 cents before paring the gain to trade at 30.9 cents as of 8:19 a.m., putting it up more than 5,700 percent for the year, CoinDesk data show.<\/p>\n

Robinhood said<\/a> it had \u201cfully restored\u201d its crypto trading functions by 11:46 p.m. Thursday. It blamed the problems on high demand for its cryptocurrency platform.<\/p>\n

\"Vlad
Vlad Tenev, co-founder and co-CEO of investing app Robinhood, speaks during a tech event.<\/figcaption>
REUTERS\/Brendan McDermid\/File Photo<\/span><\/figcaption><\/figure>\n

The Silicon Valley company also flatly denied<\/a> allegations that it had placed restrictions on Dogecoin trading, as it did to so-called meme stocks such as Game<\/a>Stop and AMC Entertainment in late January.<\/p>\n

\u201cUnprecedented demand for Robinhood Crypto services created temporary issues with crypto trading,\u201d a Robinhood spokesperson told The Post Friday. \u201cThat\u2019s it, plain and simple.\u201d<\/p>\n

But the company\u2019s explanations didn\u2019t quiet online criticism of the app, which also reportedly suffered outages as the coronavirus pandemic roiled global stock markets in March 2020.<\/p>\n

\u201cRobinhood is screwing their customers again,\u201d one Twitter user identifying as the \u201cChairman\u201d of Reddit\u2019s famous WallStreetBets message board tweeted<\/a> late Thursday. \u201cAbsolutely ridiculous. You call yourself Robinhood but take from the poor\u2026\u201d<\/p>\n

Despite the outcry, Robinhood was the most popular free app in Apple\u2019s App Store Friday morning amid the crypto frenzy.<\/p>\n

Robinhood grappled with the crypto commotion after escalating its clash with Massachusetts securities regulators who have accused it of encouraging inexperienced investors to take unnecessary risks.<\/p>\n

The Bay State\u2019s Securities Division asked for Robinhood\u2019s broker-dealer registration to be revoked Thursday, saying the company \u201ccontinued a pattern of aggressively inducing and enticing trading among its customers,\u201d according to The Wall Street Journal<\/a>.<\/p>\n

\"Dogecoin
Dogecoin spiked after Elon Musk says he bought some for his infant son back in February 2021.
\n<\/figcaption>
REUTERS\/Brendan McDermid\/File Photo<\/span><\/figcaption><\/figure>\n

But Robinhood said it filed its own complaint in Massachusetts state court to block the regulators\u2019 case from proceeding while challenging the state fiduciary rule under which the case was brought.<\/p>\n

\u201cBy trying to block Robinhood, the division is attempting to bring its residents back in time and reinstate the financial barriers that Robinhood was founded to break down,\u201d Robinhood said in a blog post<\/a> Thursday.\n <\/div>\n