On 24 February 2022 Robinhood mobile app faced a glitch as it showed a drop of $4,000 in Bitcoin price. The actual Bitcoin was at 38k and it presented 34k in the app. This caused inconvenience for the users as it restricted users from buying or selling the coin. Although it got resolved immediately by the company.
The company later acknowledges the glitch and apologize for the inconvenience that caused to users on Twitter by tweeting “The Robinhood app experienced a temporary issue that led to an incorrect display price for crypto for an hour at 6:50 pm PT. The issue is now resolved. Some customers may have unfilled market orders due to this display issue. We apologize for any inconvenience caused.” They also confirmed that it was just a display glitch and not an issue with the platform’s liquidity providers.
The Robinhood app experienced a temporary issue that led to an incorrect display price for crypto for an hour at 6:50 pm PT. The issue is now resolved. Some customers may have unfilled market orders due to this display issue. We apologize for any inconvenience caused.
— Robinhood Help (@AskRobinhood) February 25, 2022
Nevertheless, people on Twitter made memes on the situation along with showing their trouble because of the glitch.
Just bought bitcoin on Robinhood for $34k and sold it on Coinbase for $38k. Future of money pic.twitter.com/67x7gzgYS2
— Not Jerome Powell (@alifarhat79) February 25, 2022
Several users reported trying to buy Bitcoin at a low of $34,500 on Robinhood and immediately sell it on other exchanges for a higher price. This also couldn’t happen because of the glitch.
https://twitter.com/Mankadcudiham/status/1497045999210180651?s=20&t=eAiG5FZAl0-rG9jbLkEOhw
"Remember that not getting what you want is sometimes a wonderful stroke of luck." – Dalai Lama. #Robinhood #SHIB ( haha) pic.twitter.com/MPUC0fjfIe
— Lucie ➹ ➹ ➹ (@LucieSHIB) February 25, 2022
Again Robinhood is playing with the numbers. Someone better explain this second mistake.😡 pic.twitter.com/UaOoQIxGYS
— Nelson A Figueroa Jr (@DREAMFOX1) February 25, 2022
Anytime I open the Robinhood app: pic.twitter.com/fjzU9PAjqo
— Ⓜ️🅰️🥐 (@holisticbirch) February 24, 2022
Me opening my Robinhood account this morning. pic.twitter.com/ahLzmzyOqY
— Robin The Hood (@Liquid__Assets) February 24, 2022
Is Robinhood glitching the fuck out or what? pic.twitter.com/THBpaCZmxw
— smooth brain ape (@musicandvoodoo) February 25, 2022
Robinhood is a mobile app that deals with stocks, exchange-traded funds, and cryptocurrencies. The app is quite popular among investors. So far, it was 31 million active users and 1.6 million people on a waitlist for its cryptocurrency wallet.
Unfortunately, this is not the first time the company is facing technical issues, some users also faced difficulty with Ethereum price. On Thursday, Ethereum lost 10% of its value and was trading at around $2,300 for most of the day. And just last year numerous users had the problem, The company recommends that traders who don’t see an automatic solution take effect contact @AskRobinhood by direct message.