Robinhood Says 1.6 Million People Now on Crypto Wallet Waitlist

Robinhood plans to launch its crypto wallet in the first quarter of 2022.

By Agencies | Updated: 10 November 2021 16:12 IST

Robinhood’s crypto wallet will allow its users to move supported digital currencies

Highlights

Earlier this week, a hacker broke into Robinhood and stole user data
The culprit called customer support and duped a Robinhood employee
The breach took place late on November 3

Robinhood Markets now has 1.6 million people on the waitlist for its cryptocurrency wallet, up from 1 million just a few weeks ago, Christine Brown, chief operating officer of Robinhood, said on Tuesday.

The retail broker's crypto wallet, which will allow its users to move supported digital currencies in and out of their brokerage accounts, is on track to be launched late in the first quarter of 2022, Brown said at a conference held by Decrypt and Yahoo Finance.

Earlier this week, Robinhood warned users that a hacker broke past the app's defences, stealing millions of user email addresses and more.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

The culprit called customer support and, pretending to be an authorized party, duped a Robinhood employee into providing access to the customer support computer system, a hacker technique referred to as "social engineering," the company said in a blog post.

After stealing information from Robinhood, the hacker tried to extort payment from the company, which opted to alert police and warn users about the breach, according to the post.

"We owe it to our customers to be transparent and act with integrity,” Robinhood chief security officer Caleb Sima said in the post.

Robinhood Rolls Out New Feature That Sets Up Recurring Crypto Investments

"Following a diligent review, putting the entire Robinhood community on notice of this incident now is the right thing to do."

The breach took place late on November 3, with the hacker snatching about five million email addresses for Robinhood users, along with the names of about two million other members of the investment service, according to the company.

Robinhood Says Dogecoin Accounted for 62 Percent of It Q2 Revenue

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.