initial public offering (IPO)<\/a> this week, and in an interview on May 6, the company\u2019s CEO Vlad Tenev discussed the firm\u2019s crypto positions. According to Tenev\u2019s remarks at the Robinhood fireside chat in May, the exchange supposedly only gave consumers access to their specific assets.<\/p>\n\u00a0<\/p>\n
\u201cWe don\u2019t have significant positions in any of the coins that we keep on a proprietary basis or anything like that,\u201d Tenev stressed at the fireside chat. Despite Tenev\u2019s statements, Andrei believes the company does have significant positions in a number of crypto assets.<\/p>\n
Andrei\u2019s study not only links the \u201cDH5\u201d dogecoin address to Robinhood, but it also reveals that the exchange is likely the owner of a lot of huge wallets containing coins including BTC, ETH, and BCH. According to Andrei\u2019s findings, the company Robinhood purportedly controls rich-list wallets from six major crypto assets.<\/p>\n
Notes on the Report Robinhood is most likely the owner of some of the wealthiest addresses across five different blockchains.<\/p>\n
Andrei explains why Robinhood is suspected of being the owner of not just the \u201cDH5\u201d dogecoin address, but also the third-largest Bitcoin address \u201c1P5\u201d on Reddit.<\/h6>\n
Furthermore, Andrei wonders if, if Robinhood uses the same cold storage strategy for BTC and DOGE, \u201cwouldn\u2019t it also make sense for them to use the same strategy for the other 5 Cryptos that they provide for trading (ETH, LTC, BCH, ETC, BSV)?\u201d All of the aforementioned coins, as well as \u201cthe top rich addresses belonging to Robinhood on various blockchains,\u201d according to the armchair sleuth.<\/p>\n
The bitcoin (BTC) address beginning with \u201c1P5\u201d has accumulated 113,842 BTC since February 2019. Coincidentally, the DH5 dogecoin address and the \u201c1P5\u201d bitcoin address both began accumulating at the same moment.<\/p>\n
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Andrei\u2019s report says, \u201cWith over 2 million ETH, it was seeded in exactly the same manner.\u201d The Redditor also provided an article that explains why the wealthiest crypto addresses are still crucial.<\/p>\n
\u201cAs a custodian for RH crypto clients, Robinhood (RH) controls more BTC (116K) than Microstrategy (105K),\u201d the Redditor concluded. \u201cOverall, 10 million crypto Robinhooders are savvy money, heavily purchasing the bitcoin and crypto drop since the May crisis. \u201cWallets are urgently needed to provide millions of RH investors the flexibility of self-custody,\u201d the investigator noted.<\/p>\n
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