The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Stock and Crypto Traders Disgruntled As Robinhood Struggles to Stay Online During Massive Market Movement

by Daily Hodl Staff
March 9, 2020
in Trading

The popular free-trading app Robinhood went down again on Monday facing another bad day on heavy trading. The latest outage follows a string of technical snafus endured by the stock and crypto trading tech giant that has left customers on the sidelines during the most massive market volatility since the global financial crisis of 2008.

The deluge of trading took down all functionality on the app for about an hour before it was partially restored.

The fintech unicorn now says all systems are currently operational including trading, market data, order status, bank linking and bank transfers.

“Trading has been restored and Robinhood is back up and running again. Thank you for your patience as we resolved this issue.”

Following last week’s outages, complaints by disgruntled users are piling up on Twitter where traders are wondering why the multi billion-dollar company is unable to handle the high trading volume.

Claims one user,

“I’ve lost at least $20,000 because of these issues they’ve been experiencing.”

During the snafu, another user wrote,

“I’m down almost $3k from where things should’ve sold when trading actually started, and I can’t do anything with my orders.”

The backlash has already trickled over to Google Play where reviewers are chronicling losses and suggesting that the app is “great for average user, bad for frequent users” due to frequent crashes.

The Silicon Valley-based company pledges to use a case-by-case approach to determine how much to compensate users who say they’ve sustained losses on another dismal day on Wall Street.

According to the company’s management,

“When it comes to your money, issues like this are not acceptable. If you’re a customer, we’re sending you info on how to contact us so we can work with you directly to address your concerns.”

The Dow Jones Industrial Average has plunged 2,000 points and the S&P 500 has lost over 7%. Bitcoin is currently down nearly 6% at $7,851. The market sell-off is showing no signs of easing up amidst fears of the coronavirus outbreak, a massive quarantine in Italy, a price war on oil and North Korea’s firing of unidentified projectile missions.

Robinhood, which is registered with the U.S. Securities and Exchange Commission, is valued at $7.6 billion and has 10 million users.

According to the Tampa Bay Times, the first class-action lawsuit against the company was filed last week in federal court in Tampa, Florida, prior to today’s subsequent outage. The plaintiff, son of attorney Michael Taafe with Shumaker, Loop & Kendrick, is seeking $5 million.

Says Taafe,

“This was preventable. We want to make sure that they get backup systems in place so something like this doesn’t happen again.”

The lawsuit also reportedly lists the company’s 10 million users as potential class members. According to the report, Shumaker, Loop & Kendrick has already heard from hundreds of Robinhood users.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tero Vesalainen
Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,772.10
$22,772.10
4.85%
Ethereum
$1,552.87
$1,552.87
6.23%
Cardano
$0.372728
$0.372728
6.17%
XRP
$0.396067
$0.396067
5.11%
Dogecoin
$0.087194
$0.087194
3.9%

Spotlight

  • Largest Crypto Hedge Fund in the World Says DeFi Will Drive the Next Crypto Bull Market
    January 24, 2023
  • Billionaire Dogecoin Advocate Elon Musk Doubles Down on Offer To Eat Happy Meal on TV if McDonald’s Accepts DOGE
    January 27, 2023
  • Crypto Strategist Who Nailed 2023 Bitcoin Rally Says Real BTC Move Is Yet To Come – Here Are His Targets
    January 23, 2023
  • Top Bloomberg Analyst Says Bitcoin (BTC) Should Add Another Zero To Price – But There’s a Catch
    January 25, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl