Is Your Money Safe at Robinhood?

Robinhood
Robinhood app

Thousands of angry customers flocked to social media in an effort to reach out to the popular mobile investing app, Robinhood, to report that money has been stolen from their account.

An anonymous individual at Robinhood recently reported that roughly 2,000 accounts have been compromised. However, the popular online brokerage offered very few details about the incident, stating that, “a limited number” of accounts had been compromised. These accounts were breached by hackers outside of the platform, which allowed them to later access the victim’s trading account. 

Robert Riachi, a 23 year old software engineer from Montreal stated, “It’s kind of ridiculous that an investment app that’s handling people’s livelihoods, people’s money, has the audacity to make people wait several weeks to hear back anything.”

With these recent breaches and the lack of customer support from Robinhood, we must ask ourselves, is our money safe at robinhood?

An anonymous individual at Robinhood recently reported that roughly 2,000 accounts have been compromised. However, the popular online brokerage offered very few details about the incident, stating that, “a limited number” of accounts had been compromised. These accounts were breached by hackers outside of the platform, which allowed them to later access the victim’s trading account. 

Robert Riachi, a 23 year old software engineer from Montreal stated, “It’s kind of ridiculous that an investment app that’s handling people’s livelihoods, people’s money, has the audacity to make people wait several weeks to hear back anything.”

Our take:

With these recent breaches and the lack of customer support from Robinhood, we must ask ourselves, is our money safe at Robinhood? With plans to go public, they’ll certainly have to shore up security to instill confidence from investors. The trading app is already valued at $11.7 billion from an influx of $1.25 billion in fundraising for 2020. Investors include Andreessen Horowitz, Sequoia, DST Global, Ribbit Capital, 9Yards Capital, and D1 Capital Partners.

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Muhammad zeeshan
Muhammad zeeshan
10 days ago

Robbin hood should take it serious to solve security issues and address customer questions to be a responsible market player, otherwise it would see its falldown as competition is very high.

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