2,000 Robinhood App Customers Just Hacked! It’s Getting Bad!

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Oh my god guys is this robinhood situation getting worse by the minute! 2,000 Accounts on the robinhood app were compromised! Hackers are selling account information and robinhood has yet to set up a good customer service line for their clients! This is unacceptable! People’s money is in jeopardy!

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Whoa guys, it was just five days and 22 hours ago that post a video on the main channel basically talking about how the Robin Hood app was being hacked in some people were basically having their accounts looted essentially okay.

And at that time it sounded like it was just a few people or maybe like a handful of people, something like that. Intel just a few hours ago, the truth came out in this is way more widespread than it was previously thought.

Robin Hood hackers reportedly gained access to almost 2000 trading accounts. This is on a way bigger scale than any of us had previously thought. Like almost 2000 trading accounts.

Look at this. Robin Hood users say they faced a spate of attacks on their trading accounts. In recent weeks. Bloomberg News reports than an internal review pegged the number of compromised users nearly 2000, nearly 2000.

Their company, which has not disclosed a number says security is a top priority, and something we take very seriously. Okay, and this video here today, we’re going to talk about the facts, what’s come out about this, what are we looking at, I’ll talk about my opinion on this.

And I’ll talk about what you should do if you’re a robin hood user or somebody thinking about using the Robin Hood app. Hope you guys enjoy this video, as always, is not the most happy video in the world.

If you don’t mind, please still smash that thumbs up button because basically that helps in the algorithm and that will help this video gets spread more and more. So more and more people know what the heck is going on with Robin Hood, the more thumbs up we get.

The more it’ll spread and the algorithm and obviously it’s better that this information gets out because this is a big deal guys. We’re talking about 2000 people now Okay, Robin Hood’s the latest growing pain is cyber attacks targeting its users.

Bloomberg News reported Thursday that hackers have gained access to almost 2000 trading accounts in the recent spate of attacks that have left users frustrated and in some cases with little recourse, the number a small fraction of the company’s 13 million users, which by the way, 2000 is still a lot of people.

Okay, that’s it, you know, think about that on an individual basis, like 2000 people was revealed to Bloomberg by an unnamed source with knowledge of an internal review that came as a site reported on the text at the time,

Robin Hood said a limited number of accounts have been compromised man, limited number it does sound like it’s just a few like in line here limited number I think, oh, maybe like five or 10 people were affected or something like that. Probably like less than 20. Right. 2000 people.

I mean, that doesn’t sound like a limited number. To me, that sounds like a very large numbers just put that way. In response, Robin Hood this week sent a push notification through its app encouraging users to implement two factor authentication.

Now this is interesting, okay, why? Well, in that video, basically, what we read was some of those users that basically were hacked in this whole scenario, some of those had two factor authentication on so I’m a little confused, like, is this really going to fix the problem? Does this help a little bit?

Does it help a lot because like, like we talked about, like some of those users said they had this on, and there’s accounts were still like, basically taken to zero and the money was moved out of them. So this is, you know, it’s strange. Let’s put it that way. Okay. Robin Hood, what do they have to say?

They say we always respond to our customers reporting fraudulent or suspicious activity and work as quickly as possible to complete investigations. A spokesperson told Business Insider, the security of Robin Hood, customer accounts is a top priority, and something we take very seriously. Okay. Hmm.

So more confusing, okay. Because customers don’t agree with this. That’s just the honest truth. Okay. I read through the comments. And I’ve just kind of seen what’s happened with Robin Hood over the years, customers don’t agree that your customer services is top priority or security is top priority.

You guys have no phone line customer support, that I guess if a user Olson their accounts hacked, it’s not like they can call and be like, no, there’s no customer support on a phone line.

That’s ridiculous. Okay. And what we heard from tons of these folks, is basically they get a generic email sent out to them, that’s like, Oh, well look into this.

It’s gonna take a few weeks, things like that, like, that’s just not cutting the mustard. Like imagine you log in your Robin Hood account, and you got, let’s say, $10,000 in it, and all sudden, all your stocks have been sold.

And also now you got $0. And, like, you know, that’s just not good enough. It’s not good enough to not be able to get on a phone and talk to somebody about this. And basically just have a generic email says, We’re gonna look into it’s gonna take a few weeks. We take this very serious like, that just doesn’t cut the mustard.

I don’t know, you know what Robin Hood’s doing but it’s just not cutting the mustard. Okay? And what makes it all way way worse, is a company has an $11.2 billion valuation on it. It’s not like this is some like small mom and pop shop.

They’re like, man, I don’t know if we can make it I don’t know if we can afford to have some some folks on customer support for situations like this. Know, the company is at $11.2 billion valuation the company every time I snap my fingers, oh, they just raised another 100 million 100 100 million 100 million oh my gosh, this company raises money left and right. There’s no shortage of money for Robin Hood.

Let’s put it that way. Look at this new I mean 600,000 right Oh, they just raised $320 million they just raised 600 million Oh, they just raised a cool 660 million it’s ridiculous guys, these guys you know it just I snapped my finger they raise $100 million it’s ridiculous Okay, there’s no excuse for what is going on Robin Hood and then you see things like this their order flow revenue business right which is pretty controversial.

The revenue there has surged in recent years like up hundreds of percent okay, and selling your order flow. What is that? All right, in the financial markets, payment for order flow refers to the compensation that a broker like a robin hood or one of these other brokers out there receives not from its client, but from a third party that wants to influence how the broker routes client orders for fulfillment.

It’s a controversial practice that has been called a kickback Okay, so you’re looking at all this and you’re saying what the heck Robin Hood get it together like you guys raise hundreds of millions of dollars whenever you want. You got an $11.2 billion valuation on you’re selling our orderflow left and right and your revenue is going crazy.

And we have to do with this like what is this man? What is this? Like? Come on? Okay, the company also butted heads with federal regulators in 2019, the company launched checking and savings products, Hawking them as fully insured accounts with sky high interest rates. However, that wasn’t completely true. And the company was forced back to the drawing board.

You see things like this and it’s like, what are you doing Robin Hood k Never mind all the app vouchers. Remember the app Algis like I remember hearing about that like crazy in March, April. And for me as a long term investor, you know, if my brokerage was going to go down for an hour or something like that, it’s not the end of the world, although I gotta say,

I don’t think I’ve ever seen fidelity, like go down in the middle of a trading day or something like that. But I could definitely understand like Robin Hood users being super mad.

I mean, imagine you’re trying to sell out a position and you go on, you can’t even do it, or you’re trying to buy on a on a huge dip or something in stock, and you came and do it like that could end up costing you hundreds of dollars 1000s of dollars 10s of 1000s of dollars or more depending on how much money you’re putting in it.

That’s just ridiculous. And that’s just unacceptable. It’s all unacceptable. No doubt about it. Okay. Look at this. Hackers look to buy brokerage logins on the dark web, with Robin Hood fetching the highest prices.

Why is that? Like why do you think Robin Hood accounts are fetching the highest prices? You got to ask yourself this okay. Dozens of brokerage logins are for sale on the dark web with portfolios ranging from the low 1000s to a half million dollars.

According to a security analyst and listing seen by CNBC, Robin Hood accounts tend to list at higher prices, which analysts say might suggest hackers view these accounts as easier to break into. Oh, isn’t that interesting? Okay.

And yeah, if I was a bad guy, and I was trying to steal money on people’s accounts on the dark web, okay, I can tell you, I’d want to go to wherever is easiest, because wherever it’s easiest, you have the best chance of getting away with it. Okay.

I remember when I worked at Kwik Trip, right, Kwik Trip I started as an overnight assistant manager came in as far as Kwik Trip when they did a lot of things for security that made it so if you want it to come in and try to like, you know.

Rob, the store probably wasn’t that good a decision like the store was unbelievably lit, like super bright. We had cops coming in all the time, because we offered them free drinks. The store had wide open views.

There’s cameras everywhere, it’s like if you’re thinking about doing something, you’re not as likely to try to come and do it at Kwik Trip, you’d much rather go to that dark decrepit gas station across the street because you’re probably going to get away with it and you know, things won’t happen right?

And here you have Robin Hood whereas if you’re a beggar you’re looking at this you like hmm, should I try to attack customers over at this brokerage or that brokerage that might have phenomenal security? Or maybe go over to Robin Hood? That’s interesting, right? Think about that for a minute. Okay, now my question Is this okay?

Why put up with all this Robin Hood drama? Like why put up with it? Every time we look around this something going on with this Robin Hood? 2000 accounts hack now that we’re hearing about right, you had the app going down?

You had them basically saying, Oh, yeah, we’re coming out with this checking account savings account and acting like he was ensuring that people were like, Well, it wasn’t really insured the way people thought it was you always are coming up with these different things that that’s going on with Robin Hood all the time.

And it’s like, Why the heck put up with all this drama. Everyone places trades for free nowadays, back in the day, I fully understand it like back in the day like when I say back in the day, I mean, like two or three years ago in.

May 100% made sense if you had a small amount of money to go with Robin Hood because Robin Hood have free trades and back then everybody was charging like $5 per trade. So if you’re investing a small amount of money, of course go to Robin Hood.

Everybody’s basically out there that the main brokerage now basically lets you place your trades for free. Okay, Fidelity Investments, $0 commission trades and no fees. Okay, TD Ameritrade, $0 commissions. He trade $0 Commission’s on stocks, options and ETFs they all offer $0. Now it’s not like you know, Robin Hood used to have a competitive advantage basically being $0.

All these guys are $0 now, okay, there’s no competitive edge. And guess what all these other players have been in the market for way longer than a robin hood, right? They all have phone numbers you can call isn’t that phenomenal?

Imagine if something happened your account, you can actually get on the phone and talk to somebody and get some like reassurance and some confidence that the situation is gonna be handled e trade. There’s their number right there.

TD Ameritrade, if you got a situation with them, you can call them up right Fidelity Investments, you can call him up anytime 24 seven and speak to a live human. Oh my gosh, like how powerful is that? Okay, and they all offer $0 trades.

And so nowadays, it seems like more of a disadvantage. Or we can call it a risk to be with Robin Hood versus a competition like a fidelity or TD Ameritrade and E trade or something like that. It’s more of a risk and it’s just a disadvantage being with those players. I mean, let’s put me on the spot. Okay.

Let’s say my six year old son wasn’t six years old. Let’s say he was 18 and he was thinking about opening up a brokerage account he wants to start investing cane he said Dad, you know, who should I you know, create an account with should it be Robin Hood? Or bah bah, bah. Dude, I’m saying no, don’t make an account with Robin Hood.

Are you kidding me? There’s just no way I could suggest that for my son being that all the different situations we’ve seen with Robin Hood over just the past couple years.

And the fact that this company has a sky high valuation, they raise money left and right and they refuse to just put in a better customer service system like customer service in my opinion is everything in business it’s everything.

Hey, that’s as important as your product is and when you lack customer service especially as a massive company like Robin Hood with 11.2 value you know $11.2 billion valuation it’s just unacceptable as simple as that I can’t I can’t go out there and promote a company like that that’s just ridiculous.

Okay, I mean some of these comments These are some my favorite this this top one is try it you can’t steal from somebody who has a negative money and this My love, I would love to threaten them to leave but there’s no one to threaten.

That’s a great one. Oh and Tyler I love that comment there Okay, so I’m going to update you guys if we have any more huge news on this coming out about Robin Hood this whole you know hack situation.

Because this is going to be a developing situation obviously and if anything happens I’ll absolutely bring that news to you guys and this whole situation if you don’t mind smash the thumbs up like I said that will help out in the algorithm.

Big time as far as you know spreading the word about this because everybody needs to be alerted of exactly what’s going on with Robin Hood right now also go and check out stock club. It is our fruit stock market investing discord chat where you can talk with stocks, with a ton of other investors out there. That will be the pinned comment down there. It’s also linked in the description. Hope you enjoyed that. Thank you for watching and have a great day.

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