Following a major technical outage, popular stock and cryptocurrency trading app Robinhood is purportedly operational again.

The popular platform for trading stocks and cryptocurrencies like Bitcoin (BTC) experienced a major technical outage, causing a loss of access to user accounts.

On Monday, March two, Robinhood encountered a day-long technical problem with users purportedly being unable to consummate their substitution orders or even load their portfolio lists and charts.

Robinhood temporarily restored service to experience outage once more

Subsequently, Robinhood released an official argument on the matter, providing little information on what exactly happened exactly. Robinhood support squad tweeted on March 2:

"We are withal experiencing system-wide issues. Our squad is continuing to work to resolve this and we'll provide updates as they become available. We apologize again for the problem this has caused and appreciate your patience with the states as we piece of work to resume service."

While some reports suggested that the tech outage on Robinhood was acquired past a significant surge of trading volumes on the platform, the firm has not publicly linked the consequence with trading volumes. Later on Robinhood'due south user base crossed 10 million accounts in belatedly 2022, the exchange has allegedly seen its active users skyrocket since early January 2022.

Asked about the to-date status of Robinhood services by Cointelegraph, Robinhood squad antiseptic that platform has not returned to full functionality so far. After Cointelegraph reported earlier today that Robinhood's status folio was indicating that all bones trading and banking services are operational, the services went back to not-operational at press fourth dimension.

The latest announcement on Twitter reads:

"Our systems are currently experiencing reanimation. We're determined to restore full functionality as soon equally possible. We'll exist sharing updates hither and on http://status.robinhood.com."

Robinhood services status. Source: status.robinhood.com

Robinhood services status. Source: status.robinhood.com

A Robinhood spokesperson elaborated to Cointelegraph that Robinhood temporarily restored service yesterday, noting that the outage is role of the platform'south infrastructure that allows systems to communicate with each other. Co-ordinate to the representative, the issue resulted in outages across many of our services, preventing customers from using our app, website, and assistance center. The spokesperson emphasized that the trouble wasn't caused by a failure to code for jump yr.

Robinhood also added in an electronic mail to Cointelegraph:

"On Monday, we experienced an issue with a office of our infrastructure that resulted in an outage, preventing customers from using our app, website, and assistance center. As of Monday dark, Robinhood is support and running. Nosotros're testing through the night, and may observe some downtime every bit we prepare for Tuesday. We realize nosotros let our customers down, and we're committed to improving their experience."

 Disgruntled traders desire reimbursement

While Robinhood team is apparently doing their all-time to set the outage, the technical problems have manifestly caused some tangible losses for traders. Some traders complained that the outage on Robinhood caused them to miss out on "the biggest i-day point gain in the Dow Jones history."

While some users desire to file a complaint with major U.s.a. regulators such as the Securities and Substitution Commission and the Financial Industry Regulatory Say-so, others suggested that they would take a legal class action against Robinhood.

Robinhood Class Activity, a twitter account that has been created in response to the damaging outage, has amassed well-nigh 4,800 followers equally of press time.

In late December, Robinhood co-founder Vladimir Tenev revealed that more than than 200,000 Robinhood clients were already in line for its new partial stock trading app. Valued at $7.6 billion to appointment, the Robinhood app is known in the crypto customs for featuring cypher-committee cryptocurrency transactions.

Robinhood is not the only major crypto firm that has faced a major technical upshot in recent days. In mid-February, major cryptocurrency substitution Binance halted trading on its platform to resolve an unexpected technical result.

March iii, 16:39 UTC: This story has been updated with more information on the to-appointment condition of Robinhood services and upcoming full functionality.