Dogecoin Exodus: $25 Million Leaves Robinhood Crypto

Robinhood’s SEC Notice Sparks Transfer

Millions of dollars worth of Dogecoin (DOGE) have been withdrawn from Robinhood Crypto following the company’s receipt of a Wells Notice from the U.S. Securities and Exchange Commission (SEC).

Blockchain-tracking platform Bitcoinsensus reports that 164 million DOGE, valued at $25 million, was transferred out of Robinhood after the firm’s crypto branch received notice of potential enforcement actions.

SEC’s Wells Notice

A Wells Notice is a warning from the SEC indicating that legal action is likely to be taken. It does not imply guilt but can be a serious matter. Robinhood received its notice on May 6th.

Robinhood’s Response

Robinhood CEO Vlad Tenev has stated that the company will challenge the SEC in court if necessary. He emphasized their commitment to defending their crypto business and establishing regulatory clarity for the benefit of customers.

Minimal Impact on DOGE

The transfer has had minimal impact on DOGE’s price, which remains around $0.149 at the time of writing.