Errol Flynn Robin Hood

A Reddit user who exploited Robinhood’s “infinite money” glitch told Business Insider he found it “exhilarating,” he was “well aware of the risks,” and he would do it again if he could, only faster.
Tomatotowers, who learned about the bug on the WallStreetBets subreddit, took out $300,000 worth of leverage with a $5,000 deposit.
Robinhood locked his account before he could make any trades, but he was able to withdraw $10,000.
Tomatotowers claimed Robinhood has another feature that offers infinite leverage, but he declined to reveal any details.
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A Reddit user who exploited Robinhood’s “infinite money” glitch told Business Insider he found it “exhilarating,” he was “well aware of the risks,” and he would do the same thing again if he could, only faster.

Tomatotowers learned about the bug on WallStreetBets, a subreddit with the tagline “Like 4chan found a Bloomberg terminal.” He used it to take out $300,000 worth of leverage on a $5,000 deposit in the stock-trading app. Robinhood locked his account before he could make any trades, but he was able to withdraw $10,000.

Scroll down for Tomatotowers’ interview with Business Insider.

Business Insider: Who are you?

Tomatotowers: I’m an undergrad student studying engineering and premed. I have been trading for about a year.

BI: How did you find out about the Robinhood glitch?

T: As far as I’m concerned, it’s not a glitch, but a feature. Robinhood support confirmed you are allowed to use premium from covered calls as collateral. But I saw it first on WallStreetBets.

BI: Why did you decide to exploit it?

T: It was an opportunity to be free from the chains of tuition and mortgages in one trade. It’s near impossible to make $1 million on a $1,000 account, but on $100 million, a chimpanzee could make a million.

BI: Were you concerned about …read more

Source:: Business Insider

      

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