Arkham Investigation Reveals Robinhood Wallet Holds $2.5 Billion in ETH
Arkham Intelligence has revealed that a wallet belonging to Robinhood holds more than $2.5 billion worth of Ethereum (ETH).
In a Wednesday tweet, Arkham said the company has identified Robinhood as the owner of the 5th largest ETH wallet with 1.5 million ETH (worth $2.54 billion).
The intelligence platform had previously identified Robinhood as the owner of the third-largest Bitcoin (BTC) address, which holds 118,300 BTC ($3 billion).
"We’ve also identified [Robinhood] as the owner of the 5th largest ETH wallet, holding $2.54 [billion] of ETH," the tweet reads.
Aside from ETH, the address also holds more than 100 other ERC-20 tokens, collectively worth $177.1 million.
Those numbers bring Robinhood’s total holdings for all Ethereum-based tokens above $2.71 billion.
In response to a user who asked whether the funds belong to Robinhood or its customers, Arkham said that the address holds funds in custody on behalf of users.
"SEC requires that crypto balances on RH are backed 1:1," the intelligence firm wrote.
The four Ethereum addresses larger than Robinhood’s account include Ethereum’s beacon deposit contract, a wrapped Ether contract, and addresses belonging to major cryptocurrency exchanges Krakenand Binance.
The beacon deposit contract is by far the largest of those addresses. With more than 29 million ETH ($49.7 billion), it accounts for one-quarter of the entire Ethereum supply.
A wallet connected to Robinhood includes 122,076 BTC, 34.1 trillion Shiba Inu (SHIB) tokens ($277.8 million), 4.9 million Chainlink (LINK) tokens ($29.7 million), and 2.6 million Avalanche (AVAX) tokens ($29.6 million), according to the on-chain analytics firm.
It is worth noting that an AI-generated script by crypto media outlet Decrypt mistakenly
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