Home / Tech / Stock investing app Robinhood, which was just valued at $7.6 billion, is urging some customers to change their passwords after a technology glitch

Stock investing app Robinhood, which was just valued at $7.6 billion, is urging some customers to change their passwords after a technology glitch

Vlad Tenev Robinhood founder CEO

  • The investing app Robinhood alerted some customers on Wednesday they had discovered on Monday that “some user credentials were stored in a readable format within our internal systems.”
  • The company recommended customers change their passwords.
  • The number of impacted accounts could not be determined. A company spokesperson said not all of the platform’s customers were alerted, only those whose credentials were impacted.
  • Read Business Insider’s investigation into Robinhood’s botched checking and savings launch.

The investing app Robinhood is urging some customers to change their passwords after it discovered that some users’ credentials, including passwords, were stored in a “readable format” within the company’s internal systems due to a technology glitch. 

“On Monday night, we discovered that some user credentials were stored in a readable format within our internal systems,” the company said in an email to some customers on Wednesday. “We wanted to let you know that your Robinhood password may have been included.”

The number of impacted accounts could not be determined. A company spokesperson said not all of the platform’s customers were alerted, only those whose credentials were impacted by this discovery.

Robinhood’s review of the user credentials that were found on its internal systems yielded “no evidence that this information was accessed by anyone outside of our response team,” but “out of an abundance of caution,” the company recommended these customers change their password. 

Read more: The inside story of how Robinhood, a $6 billion investing app for millennials, blew a huge launch so badly that Congress got involved

The Palo Alto-based company’s email to some customers comes two days after it announced that it had raised a $323 million Series E round of funding. The latest round gives Robinhood a $7.6 billion valuation. 

A company spokesperson provided this statement on Wednesday: 

“We swiftly resolved this information logging issue. After a thorough review, we found no evidence that this customer information was accessed by anyone outside of our response team. Out of an abundance of caution, we have notified customers who may have been impacted and encouraged them to reset their passwords. We take our responsibility to customers seriously and place an immense focus on working to ensure their information is secure.”

Here is the email Robinhood sent to some customers.

An email Robinhood sent to a customer on Wednesday.

 

 

 

 

 

 

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