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Stock traders use glitch in trading app robinhood to borrow unlimited money

spartaman64
By spartaman64
in Tech News
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Traders are one-upping one another with a glitch in Robinhood's trading app, and one user holds the crown after turning a $3,000 deposit into a $1.7 million position. A member of the r/WallStreetBets subreddit who goes by Call_Warrior posted on Tuesday about using the trading glitch to leverage a deposit to hold more than $1.7 million worth of Advanced Micro Devices stock. The post has since been deleted, but screenshots showed the app being used to amass 47,600 shares of AMD.
"After realizing I only had a few thousand dollars to gamble, I decided why not try this new 'glitch,'" Call_Warrior wrote. "After seeing people on the almighty wallstreetbets wager a timid 50k or so on average with this new feature available, I thought it was only a clear choice to raise the average for the good of all."

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The trade involves Robinhood Gold users selling call options with money borrowed through the app. Robinhood then incorrectly adds the value of the options sold to the user's cash pile, giving them more buying power. Traders can repeat this cycle, and it seems there's no limit to how much a user can exploit the trick. One person on r/WallStreetBets described the glitch as an "infinite money cheat code."
A Robinhood representative, Lavinia Chirico, said in an email on Tuesday that it was "aware of the isolated situations and communicating directly with customers." The company didn't comment on when the bug would be patched, but the app received an update on Tuesday.

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Call_Warrior apparently saw the glitch's limitless potential as a challenge, commenting on Wednesday morning about plans to "buy as much AMD as possible" and saying the motivation to post the trades came from seeing other traders' disappointing positions.
The app's bug was discovered by an r/WallStreetBets member who goes by ControlTheNarrative, who said they used the glitch to turn a $2,000 deposit into $50,000 worth of Apple put options. When the iPhone maker traded higher the day the options expired, the Reddit user lost the borrowed money and later posted a reaction video on YouTube.

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Days later, someone with the username MoonYachts said they exploited the bug to turn a $4,000 deposit into a $1 million position. MoonYachts explained how they pulled off the trades and told other users "DON'T DO THIS."
It's not immediately clear what the legal repercussions of the trade are, but one Georgetown University law professor warned that the Robinhood traders could face a range of consequences.
"If there's an element of deceit, that you got this by exploiting a loophole in a system, I can see how that could become a securities fraud case," Donald Langevoort told Bloomberg, adding that the traders may also need to pay restitution on the borrowed cash.

source: https://markets.businessinsider.com/news/stocks/robinhood-infinite-leverage-bug-copycat-trader-builds-huge-position-millions-2019-11-1028666004

 

This is a really bad idea as I emphasize the fact that its borrowed money not gifted so in no way is this an "infinite money cheat code". If you even went negative even 1% you are losing 17000 dollars with 1.7 million dollars worth of borrowed stocks. Also after 1000 dollars borrowed margin robinhood charges a yearly interest of 5%. So after the 3000 dollar deposit and the 1000 dollars of interest free margin Call_Warrior has 1,696,000 dollars of margin with 5% yearly interest which is 84,800 dollars a year. If robinhood lets him keep the stocks and he doesn't sell them then I hope for his sake that amd is going to do very well this year.

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Guess I should pull out of robinhood at some point...

I edit my posts a lot, Twitter is @LordStreetguru just don't ask PC questions there mostly...
 

Spoiler

 

What is your budget/country for your new PC?

 

what monitor resolution/refresh rate?

 

What games or other software do you need to run?

 

 

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As a technical note, you'd still be liable for your positions, even if they've managed to ensure that Robinhood gets a FTC fine. This was really, really stupid from everyone that used it.

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2 hours ago, Taf the Ghost said:

As a technical note, you'd still be liable for your positions, even if they've managed to ensure that Robinhood gets a FTC fine. This was really, really stupid from everyone that used it.

Of course it's stupid.   Forget about the liability, I'd be worried about being prosecuted by the feds for some crime that we may not be aware of.

If you "borrow" 1.7MM, and lose a lot, maybe you can declare bankruptcy.

If I was going to do that I'd buy or sell options not shares of stock.

Take a big position right before earnings are announced.

If you make money, immediately unwind it and try and take your profits out, and leave the 1.7 MM there.

Just hope you don't end up in prison.

 

Sounds like a bad idea to me.

 

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Yo That is really bad, should have reported the glitch and not let it loose. They are now at risk of being sued and he lost money it would be extremely terrible for them. 

 

If they had reported the glitch they might have gotten cash $$$. Not only that with that much money it can cause major distortion to the markets if all robinhood does it. 

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He should of dumped it into crypto and disappeared off the face of the earth. Only issue is RobinHood needs your SSN and drivers license so they know exactly who you are. But I would blame robinhood and not the person

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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I bet they're all "banking" on the "it was a glitch bro!" excuse when they lose a shit ton of money from it hoping that Robinhood will fix it for them...

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"Established in 2014 and as of May 2018, the company was valued at $5.6 billion, but in May 2019, reports from Bloomberg and other outlets publicized Robinhood's pursuit of an additional $200 million in funding, which could value the company in the $7 billion to $10 billion range."

 

People were obviously negligent using the exploit but i wonder what the company will be fined as a result.

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1 hour ago, Ehmc130 said:

"Established in 2014 and as of May 2018, the company was valued at $5.6 billion, but in May 2019, reports from Bloomberg and other outlets publicized Robinhood's pursuit of an additional $200 million in funding, which could value the company in the $7 billion to $10 billion range."

 

People were obviously negligent using the exploit but i wonder what the company will be fined as a result.

Almost assuredly. They're probably going to be in for more than a few lawyers on them as well.

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1 hour ago, imreloadin said:

I bet they're all "banking" on the "it was a glitch bro!" excuse when they lose a shit ton of money from it hoping that Robinhood will fix it for them...

Historically, non-institutional traders aren't pursued for losses over their equity. (It normally costs more in lawyers than they'd ever get in return.) But, in this situation, to remove their own liability, they might use the legal action as a way to assuage the FTC.

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I followed that "live" along with the other autists at /r/wallstreetbets - it was absolutely amazing. Honestly what's mind-boggling is that Robinhood didn't patch it after the first time.

I like questing in RuneScape and think that Assassin's Creed 3 was a great game. I've got a Surface Book 2 15" yet I still proudly consider myself a PlayStation peasant. My Surface experience was so bad I've switched to a MBP15" and have been happier ever since. I have a Pixel 2 XL, and white the camera on it was absolutely worth the ridiculous pricetag, I plan on switching to iPhone for that ecosystem.

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9 minutes ago, elfensky said:

I followed that "live" along with the other autists at /r/wallstreetbets - it was absolutely amazing. Honestly what's mind-boggling is that Robinhood didn't patch it after the first time.

Most of the compliance department is probably going to lose their jobs over this.

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2 minutes ago, Taf the Ghost said:

Most of the compliance department is probably going to lose their jobs over this.

There's talk now that SEC is gonna save their (the traders, not robinhood) asses, because technically what Robinhood allowed/did was illegal.

I like questing in RuneScape and think that Assassin's Creed 3 was a great game. I've got a Surface Book 2 15" yet I still proudly consider myself a PlayStation peasant. My Surface experience was so bad I've switched to a MBP15" and have been happier ever since. I have a Pixel 2 XL, and white the camera on it was absolutely worth the ridiculous pricetag, I plan on switching to iPhone for that ecosystem.

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10 hours ago, elfensky said:

There's talk now that SEC is gonna save their (the traders, not robinhood) asses, because technically what Robinhood allowed/did was illegal.

It's definitely a SEC violation. They allowed more leverage than is legal on an American exchange. Robinhood is in for a lot of fines. Especially because their internal compliance systems didn't void the trades instantly. 

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Wow that was really foolish for everyone involved to play around with.  Financial laws are very serious and I would 100% expect everyone involved here to be hit hard for one reason or another, whether it's the company responsible, the people abusing the flaw, etc.  Not to mention that as stated already, if this was a genuine borrowing of money, they'll be on the hook for however that goes, good or bad.  It's not like you were just getting free money from no where with no consequences... unless that is actually what happened in which case then I just have to reiterate what I said above even more strongly.

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r/WSB on LTT

 

GUH moment right now

PLEASE QUOTE ME IF YOU ARE REPLYING TO ME

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1 minute ago, JoeyDM said:

r/WSB does refer to themselves as autists for a reason.

Various other websites have shown the power of weaponized autism (see: 4chan vs Shia Lebouf). The world economy isn't ready for this.

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3 hours ago, rcmaehl said:

Various other websites have shown the power of weaponized autism (see: 4chan vs Shia Lebouf). The world economy isn't ready for this.

World isn't ready if they actually figure out how the markets work.

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  • 4 months later...
Posted

Well, looking at the stock market maybe there is a way to get unlimited money right now.

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This topic is pretty old, and there's no new discussion here. Locked.

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