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Popular retail stock and cryptocurrency brokerage\u00a0Robinhood Markets Inc\u00a0<\/strong>HOOD<\/span> has moved all its\u00a0Dogecoin\u00a0<\/strong>DOGE\/USD<\/span> into a single wallet. With tensions in the crypto market already high after recent bankruptcy filings from big players like Voyager Digital and hedge fund 3 Arrows Capital, questions are circling. You can find our complete list of Three Arrows Capital creditors here.<\/a><\/p>\n What Happened:\u00a0<\/strong>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.<\/p>\n
<\/p>\n All of the #dogecoin<\/a> held by @RobinhoodApp<\/a> on behalf of its investors has now been consolidated into a single wallet address. pic.twitter.com\/GPxbarOlev<\/a><\/p>\n
The new wallet address now holds 31% of all DOGE supply. According to data from\u00a0BitInfoCharts<\/a>, the total value of these 41 billion DOGE coins was worth $2.8 billion at the time of writing.<\/p>\n 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.<\/p>\n
<\/p>\n As we supposed, @Robinhood<\/a> finished migrating funds in their cold wallet to a new address. This is *probably* reorganization or due to some security reason.<\/p>\n The new address is DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ, now holding 31% of the Doge supply.https:\/\/t.co\/cNiGFV79Mr<\/a> https:\/\/t.co\/8hrat6A67p<\/a><\/p>\n
\u201cRemember, when holding on any exchange\/broker, your funds are held in a system of cold wallets and hot wallets,\u201d wrote popular Dogecoin account Mishaboar on Twitter.<\/p>\n
<\/p>\n When you decide to hold #Doge<\/a> in this way but you accept the conditions of the exchange\/broker’s Terms of Services.
See Also:\u00a0Celsius Bankruptcy Hearing: Lawyers Claim Users Gave Up Legal Rights To Crypto<\/a><\/em><\/p>\n Price Action:\u00a0<\/strong>At press time,\u00a0Dogecoin<\/strong>DOGE\/USD<\/span> was trading at $0.069, up 2.6% over 24 hours.<\/p>\n Photo by\u00a0Ink Drop<\/a>\u00a0on Shutterstock<\/em><\/p>\n<\/div>\n
\n\u2014 \u00d0ogecoin Whale Alert (@DogeWhaleAlert) July 21, 2022<\/a><\/p><\/blockquote>\n
\n\u2014 Mishaboar (@mishaboar) July 22, 2022<\/a><\/p><\/blockquote>\n
\nIn general, your #crypto<\/a> on any platform is mostly uninsured, leaving aside a crime insurance which might allow an exchange to recover a portion of your funds.<\/p>\n
\n\u2014 Mishaboar (@mishaboar) July 22, 2022<\/a><\/p><\/blockquote>\n