Popular retail stock and cryptocurrency brokerage Robinhood Markets Inc (NASDAQ: NASDAQ:HOOD) has moved all its Dogecoin (CRYPTO: DOGE) into a single wallet.
What Happened: A series of transactions picked up by blockchain wallet tracker Dogecoin Whale Alert found Robinhood has moved all 41 billion DOGE it holds to one address.
All of the #dogecoin held by @RobinhoodApp on behalf of its investors has now been consolidated into a single wallet address. pic.twitter.com/GPxbarOlevThe new wallet address now holds 31% of all DOGE supply. According to data from BitInfoCharts, the total value of these 41 billion DOGE coins was worth $2.8 billion at the time of writing.— Ðogecoin Whale Alert (@DogeWhaleAlert) July 21, 2022
Although Robinhood made no announcement regarding the movement of these coins, market participants speculated that the cold wallet migration was likely done as part of a reorganization or for reasons related to security.
As we supposed, @Robinhood finished migrating funds in their cold wallet to a new address. This is *probably* reorganization or due to some security reason.“Remember, when holding on any exchange/broker, your funds are held in a system of cold wallets and hot wallets,” wrote popular Dogecoin account Mishaboar on Twitter (NYSE:TWTR).The new address is DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ, now holding 31% of the Doge supply.https://t.co/cNiGFV79Mr https://t.co/8hrat6A67p
— Mishaboar (@mishaboar) July 22, 2022
When you decide to hold #Doge in this way but you accept the conditions of the exchange/broker's Terms of Services.See Also: Celsius Bankruptcy Hearing: Lawyers Claim Users Gave Up Legal Rights To CryptoIn general, your #crypto on any platform is mostly uninsured, leaving aside a crime insurance which might allow an exchange to recover a portion of your funds.
— Mishaboar (@mishaboar) July 22, 2022
Price Action: At press time, Dogecoin(CRYPTO: DOGE) was trading at $0.069, up 2.6% over 24 hours.
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