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

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,226.29
$27,226.29
0.17%
Ethereum
$1,905.60
$1,905.60
0.03%
Cardano
$0.381015
$0.381015
1.1%
XRP
$0.52601
$0.52601
0.48%
Dogecoin
$0.072908
$0.072908
0.28%

Spotlight

  • Analyst Known for Calling Bottoms Predicts 2019-Style Bounce for Bitcoin (BTC) – But There’s a Big Catch
    May 28, 2023
  • Arthur Hayes Says Explosive Times Ahead for Bitcoin and Financial Markets as US Debt Deadline Approaches
    May 28, 2023
  • Former Goldman Sachs Executive Says ‘Clear’ Bull Trend About To Manifest for Crypto and Technology Stocks
    May 28, 2023
  • Here’s What’s Accelerating De-Dollarization Trend, According to Macro Guru Lyn Alden
    May 28, 2023
Coinfest Asia Banner
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