Robinhood ‘experiencing issues with crypto trading,’ sparking users’ outrage amid massive Dogecoin rally
Robinhood #Robinhood
Robinhood said on Thursday evening that it was experiencing issues executing users’ cryptocurrency trades.
CONSTELLATION BRANDS, INC.
“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible,” Robinhood tweeted at 10 p.m. Eastern Time.
Robinhood is providing updates on its status page.
The technical difficulties came as the cryptocurrency Dogecoin’s price has soared in recent days, prompting outrage from users hoping to cash in on the rally. Dogecoin’s value has skyrocketed more than 230% over the past three days, increasing its total market value to more than $34 billion.
“No, we didn’t place restrictions on $DOGE trading. This is false information,” Robinhood tweeted earlier in response to users alleging on social media that the company had restricted trading of the cryptocurrency.
Robinhood has come under fire from users and regulators previously over issues with its trading platform during major market events.
In January, Robinhood blocked purchases of GameStop, AMC, and other stocks after days of Reddit-fueled rallies. The company has since been subpoenaed as part of a federal investigation and is facing a class-action lawsuit from users.
In March, Robinhood experienced major outages two days in a row, again drawing outrage from users who were locked out of trading as markets had their biggest rally in years.