illustration de l'application mobile robinhood

Robinhood: the famous hacked trading application!

Long considered one of the safest trading applications, Robinhood recently experienced its first hack. Result ? Thousands of users have seen their accounts completely liquidated.

Robinhood: one of the trading giants across the Atlantic

Robinhood was a real little revolution when it came out. This is one of the first applications of its kind. It does not only allow stock transactions to be carried out, it does not require users to pay commissions or any fees. Thanks to this formula, this mobile utility met with almost instant success. It was all that was talked about across the Atlantic and traders from all walks of life did not hesitate to adopt it.

Today, the platform is struggling to stand out in this market which has become very competitive. “Zero commission” trading offers are multiplying and the company absolutely must offer new features to stand out. Unfortunately, a cyberattack hampered its efforts since the application was hacked last October.

Robbinhood, hacked!

Certainly, platforms with high traffic are in the crosshairs of hackers. After the latter managed to hack Bloomberg, it was Robinhood’s turn to be hacked. The site announced this hack in a press release, specifying that the accounts of only 2,000 customers had been hijacked. Admittedly, this is a paltry number compared to the number of daily users of the site. The fact remains that this attack will have negative effects on the reputation of the online broker. Moreover, several victims of this cyberattack reacted on social networks. These unfortunate people regret the absence of a telephone number to reach customer service.

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Robinhood responded that its team does not necessarily respond to reports sent or complaints filed by users. The press release, however, insists that data security is at the heart of administrators’ concerns. In short, the company responded by encouraging users to enable two-tier authentication.

For Lena Williams, an HR expert from Chicago, two-factor authentication does nothing to prevent you from falling victim to this attack. She had activated this feature, but still lost her account. Note that she did not receive any suspicious messages in her inbox. Other users watched helplessly as the securities they held were sold. A particularly frustrating experience, especially since they have no guarantee of receiving any financial compensation.

Although Robinhood had never experienced such an episode. The platform experienced some technical problems during the health crisis. Certainly due to the increase in the number of users, this trading site like many others was temporarily unavailable. From time to time, bugs made it impossible to use. In addition to the discontent this caused, these technical problems also had consequences on the stock market. The number of transactions had decreased, which affected the price of certain assets, including cryptocurrencies. Remember that Robinhood is one of the platforms allowing you to trade bitcoins without commissions.