Robinhood Clients Suddenly Lose Funds, Blame Company for Slow Support
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Several clients of Robinhood Inc., have reported their accounts had been compromised but the brokerage platform did nothing to react to the incidents on time, Bloomberg has learned, citing the victims of the hack.

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Robinhood's client, Soraya Bagheri, says she lost $10,000 as someone managed to withdrew 450 shares of Moderna Inc. After she contacted Robinhood's support, the brokerage startup said it would investigate and respond within "a few weeks."

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Robinhood, valued at $11.7 billion, still has no emergency phone number, which already led to losses for other four clients.

The company itself admitted that "a limited number of customers" had been targeted by bad actors through the victims' personal email accounts:

"We are actively working with those impacted to secure their accounts," a spokesman for the company told Bloomberg.

iHodl earlier reported that millennials' favorite investing platform raised $600 million in series G funding round with a total valuation of $11.7 billion.

The company's spokeswoman told Reuters the investments came from new and existing investors in Robinhood, including Andreessen Horowitz, D1 Capital Partners, DST Global and others.

In September, Robihood faced a regulatory pressure allegedly due to the March outage which resulted in thousands of dollars of losses. Several US consumer protection agencies received over 400 complaints about Robinhood over the first half of 2020.

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The main reason for complaints was related to the March market crash when Robinhood ceased its operations for more than a day.

According to Bloomberg, the US Securities and Exchange Commission even initiated investigation with the Financial Industry Regulatory Authority, to find out how the company handled the March outage. Details of the investigation remain unknown.

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