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Home / Business / A Reddit stock billing forum has characterized a group of hall-of-famers who best utilized Robinhood's & # 39; infinite leverage & # 39; error. Here's how much money each has accumulated through the hacking.

A Reddit stock billing forum has characterized a group of hall-of-famers who best utilized Robinhood's & # 39; infinite leverage & # 39; error. Here's how much money each has accumulated through the hacking.



Paramount Pictures


Traders used an error in Robinhood's app to trade with an unlimited offer of borrowed cash – and one member of an online forum compiled a hall-of-fame list of the largest positions created through the error.

A member of WallStreetBet's sub-reddit discovered the error at the end of October after using a $ 2000 deposit to trade $ 50,000 in purchasing power. Other forum members praised the trade before performing similar trades. Within a few days, users gathered together to see who could collect the most borrowed cash.

The trade involves Robinhood Gold users selling call options with money borrowed through the platform, also known as "influence." The app added incorrect value to the options sold to traders' cash, giving them more purchasing power to repeat the trade.

A WallStreetBets user described the trick as an "endless money talk code", although it is uncertain what If any, measures will be taken against the traders for their high risk activity.

A forum member, curiously called SocioButt, posted a list highlighting members who played the most through exploitation. Here are the five hall-of-fame members, from the user who first found the mistake to someone who made a $ 3000 deposit to a $ 1

.7 million position.

Reddit posts are sorted by Eastern Standard Time.


ControlTheNarrative [19659009] ControlTheNarrative

Deposits: $ 2,000

Leverage: $ 48,000

Profit / Loss: N / A

Post Time: 11 : 04 am, October 31

Top Comment: "Everyone should be forced to watch this video as soon as they join [sub-reddit]."


Woodc93

www.jamesplett.com

Deposits: $ 15,000

Debt Effect: $ 1,300,000

Profit / Loss: – $ 180,000 [19659019] Post Time: 13:17, November 4

Top Comment: "Update: Account just got deactivated BC I was trying to leverage more to buy more AMD slots."


MoonYachts

Paramount Pictures

Deposits: $ 4000

Leverage: $ 1.27 9,550

Profit / Loss: – $ 22,022.71

1831, November 4

Top Comment: "The cash amount from the covered call is added to cash – increase your purchasing power with the premium you took in. *** Also, DON'T DO THIS ****"


Tomato Towers

Lionsgate via YouTube

Deposits: $ 5000

Leverage: $ 314,070

Profit / Loss: N / A

Post Time: [1 9459021] 2140, November 4

Top Comment: "How much leverage was too much? ?? x? "


Call_Warrior

AMC screencap

Deposits: $ 3000

Debt Effect: $ 1,732,640

Profit / Loss: N / A

Post Time: November 23, November 5

Top Comment: "We are in fact witnessing an SEC attack on the WSB and bankruptcy of Robinhood."



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