Robinhood Crashes Again as US Market Takes Dive

Traders on the app are unable to cancel orders in a volatile market.

Robinhood, a mobile-based equities and crypto investment platform, has recently been experiencing an outage, making it the third such disruption of its services in a week.

Though Robinhood acknowledged the issue, many furious traders are taking social media to show their frustrations with the trading app.

As seen on its status page, the United States-based company has already identified the issue and is currently resolving it; however, it did not make any details public.

“We are experiencing issues with equities, options and crypto trading. We are working to resolve this issue as soon as possible,” Robinhood noted at 6:51 am (PDT), following “the issue has been identified and a fix is being implemented.”

A recurring bug affecting the traders

Notably, this is the third such trading service disruption on the app, following the first incident only a week before.

Many users are complaining that the application is not allowing them to cancel their orders, while others are saying that they cannot even access their accounts.

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The outrage of the traders is also fueled by the recent volatile market, given DOW’s plunge of 5 percent within a few hours of the market opening today.

“Multiple factors contributed to the unprecedented load that ultimately led to the outages,” Baiju Bhatt and Vlad Tenev, co-founders and co-CEOs of Robinhood, stated in a blog post. “The factors included, among others, highly volatile and historic market conditions; record volume; and record account sign-ups.”

Though for the previous outages, the California-based company promised billing credits and other potential compensation to the victims, many furious traders are also gathering victims to initiate a class-action lawsuit against the trading app.

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