Following a serious technical outage, fashionable inventory and cryptocurrency buying and selling app Robinhood is purportedly operational once mo
Following a serious technical outage, fashionable inventory and cryptocurrency buying and selling app Robinhood is purportedly operational once more.
The favored platform for buying and selling shares and cryptocurrencies like Bitcoin (BTC) skilled a serious technical outage, inflicting a lack of entry to person accounts.
On Monday, March 2, Robinhood encountered a day-long technical downside with customers purportedly being unable to complete their trade orders and even load their portfolio lists and charts.
Robinhood nonetheless has not offered a transparent purpose behind the outage
Subsequently, Robinhood launched an official statement on the matter, offering little data on what precisely occurred precisely. Robinhood help staff tweeted on March 2:
“We’re nonetheless experiencing system-wide points. Our staff is constant to work to resolve this and we’ll present updates as they develop into accessible. We apologize once more for the difficulty this has brought on and recognize your endurance with us as we work to renew service.”
Whereas some stories suggested that the tech outage on Robinhood was attributable to a major surge of buying and selling volumes on the platform, the agency has not publicly linked the difficulty with buying and selling volumes. After Robinhood’s person base crossed 10 million accounts in late 2019, the trade has allegedly seen its lively customers skyrocket since early January 2020.
Cointelegraph contacted Robinhood staff to search out out extra particulars concerning the potential purpose behind the system outage however didn’t obtain an instantaneous response. This text can be up to date pending any new data.
The outage is mounted however merchants need reimbursement
Regardless of Robinhood purportedly fixing the difficulty — the status page signifies that every one primary buying and selling and banking providers are operational as of press time — the latest outage has apparently brought on some tangible losses for merchants. Some merchants complained that the outage on Robinhood brought on them to overlook out on “the largest one-day level acquire within the Dow Jones historical past.”
Whereas some customers want to file a grievance with main United States regulators such because the Securities and Trade Fee and the Monetary Trade Regulatory Authority, others suggested that they might take a authorized class motion in opposition to Robinhood.
Robinhood Class Motion, a twitter account that has been created in response to the damaging outage, has amassed almost 4,800 followers as of press time.
In late December, Robinhood co-founder Vladimir Tenev revealed that greater than 200,000 Robinhood purchasers have been already in line for its new fractional inventory buying and selling app. Valued at $7.6 billion up to now, the Robinhood app is known within the crypto group for that includes zero-commission cryptocurrency transactions.
Robinhood shouldn’t be the one main crypto agency that has confronted a serious technical subject in latest days. In mid-February, main cryptocurrency trade Binance halted buying and selling on its platform to resolve an sudden technical subject.