"We recently identified a small number of accounts engaging in problematic trading activity on our platform," Robinhood spokesperson Lavinia Chirico said in an emailed statement. "We've quickly restricted these accounts, and made a permanent update to our systems intended to prevent anyone from engaging in this pattern of trades."
The typically unauthorized trade involves Robinhood Gold users selling call options with money borrowed through the platform. The app then incorrectly added the value of the sold options to users' buying power, allowing them to repeat the trade with increased capital. Traders then repeated this cycle, with no clear limit to how much the glitch could be exploited.
A member of the WallStreetBets sub-reddit discovered the hack in late October, using a $2,000 deposit to trade $50,000 worth of Apple put options. The trader lost $48,000 when his options expired worthless, and a video of his reaction grew massively popular among WallStreetBets members.
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