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Robinhood Crashes Again as US Market Takes Dive

Source: Finance Magnates
Robinhood, a mobile-based equities and crypto investment platform, is recently experiencing an outage, making it a 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.
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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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