News Formal

How much Reddit users have amassed from Robinhood 'infinite money' bug - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

A stock-trading Reddit forum has minted a group of hall-of-famers who best exploited Robinhood's 'infinite leverage' glitch. Here's how much money each has amassed through the hack.

One member of the WallStreetBets sub-reddit discovered the glitch in late October. Several other users subsequently copied the trade,Here are the five hall-of-fame members, from the user who first traded with the bug to one member who turned a $3,000 deposit into a $1.7 million position.

, also known as "leverage." The app incorrectly added the value of the options sold to traders' cash pile, giving them more buying power with which to repeat the trade. One WallStreetBets user described the trick as an "infinite money cheat code," though it's uncertain what action, if any, will be taken against the traders for their high-risk activity.

One forum member, curiously named SocioButt, posted a list highlighting members who gambled the most through the exploit. Here are the five hall-of-fame members, from the user who first found the glitch to one who turned a $3,000 deposit into a $1.7 million position.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

justinlewis1125 time to up your game guy

What is the drug trade looking like?

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber delivers mixed Q3 earnings results - Business Insider - Business InsiderUber accelerated revenue growth in its core ride-hailing segment after more than a year of stagnation, but still has a net loss of $1.2B in Q3 2019.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple Card users received $10 billion in credit from Goldman Sachs - Business InsiderGoldman Sachs lent out approximately $10 billion to Apple Card users through September 30, just over a month after Apple Card's full US launch. Subprime? Wasn't that a disastrous term in the 2000's?
Source: BusinessInsider - 🏆 729. / 51 Read more »