Robinhood will offer “case-by-case” compensation for its outage on the day markets gained $1.1 trillion

Robinhood, the popular trading app with a purported 10-million-strong user base and a $7.6 billion valuation, said it will offer compensation for yesterday’s outage on a case-by-case basis, according to a company spokesperson.

The company issued a statement early Tuesday documenting that the outage began at around 9:30 AM Eastern when the company experienced what it called instability in the part of its infrastructure that allows the company’s systems to communicate with each other.

The communication breakdown resulted in outages that took down the company’s app, website, and help center, a spokesperson wrote in an email.

It’s perhaps the worst-timed bug in the history of the seven-year old company, because it coincided with one of the biggest single-day gains in the history of the Dow Jones Industrial Average and huge gains on the Nasdaq as well. In all, markets gained $1.1 trillion in value while Robinhood users were forced to sit on the sidelines. 

In a statement, the company said the outage started on Monday at 6:30 AM Pacific and only came back online at 11 PM Pacific. 

Robinhood is now reaching out to customers with information on how to get in touch with the company so it can work on compensating users “on a case by case basis.”

The company said it would consider offering billing credits or other, undisclosed forms of compensation. It also added that no customer data, information, or funds were lost during the outage.

Apparently, the company may have spoken too soon about its availability for users. While its trading services for cryptocurrencies are working, the company’s trading mechanisms for public companies on stock exchanges are still down for some users.

https://techcrunch.com/?p=1953584

Source: TechCrunch

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