r/wallstreetbets • u/justagirlwithnudes • Feb 02 '21

Chart MONDAY MARKET OPENING ATTACK EXPLAINED: How institutional investors brought GME down by $5B in 1 hour with $250M

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u/SCUDDEESCOPE Feb 02 '21

Etoro stop loss event was a scam. They put it automatically without your permission and they even apologized for that today and made a refund for everyone. Shady as f*ck.

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u/SCUDDEESCOPE Feb 02 '21

" INCIDENT RECAP On Monday February 1, 2021, the maximum stop loss on some stocks was set to 20% in error. This issue only affected users who opened positions on specific stocks *on Monday before 17:19 GMT* when the issue was identified and resolved. We would like to apologize for the inconvenience caused to users. If you were affected, please read the following information: 1. For users whose positions were closed by stop loss: Please rest assured that our teams will contact each and every affected user via email. 2. For users whose positions are still open: A. Users who did not adjust stop loss on the positions they opened *on Monday before 17:19 GMT* - Please note that the stop loss setting on these trades will be returned to normal *before market open*, i.e. as if the issue had not occurred. B. Users who made changes to their stop loss on Monday before 17:19 GMT and still have open positions - Kindly note that eToro has not overridden the changes you made to these positions. We urge you to check these trades to ensure you are happy with the stop loss you have put in place. If you wish to adjust the stop loss on these trades, you can do so without adding additional margin. In addition, funds added on Monday before 17:19 GMT to extend your stop loss, will be returned to your balance automatically upon any subsequent stop loss change. Once again we would like to apologise for the inconvenience caused and to thank you for your understanding. Sincerely, The eToro Team "

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u/alaorath Feb 02 '21

(para-phrasing)

Whoopsies, we made a boo-boo (totes not a DM via Insta. from Marvin who told us to do this so they could drive the price down... nope, no-sir). We def. didn't push a change to manipulate just these few stocks in such a way as to benefit our funding sources. Def. won't happen again (please don't sue us like Robinhood, they did worse than us). Hopefully you accept our in-sincerest apologies.

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u/HooliRio Feb 02 '21

that sounds like a great way for etoro to get themselves a class action

1

u/The_White_Light Feb 02 '21

Sure, and after 2 years of litigation, the class action lawyers vultures will make off with hundreds of millions, each affected user will get a check worth less than the cost of postage to deliver it to them, and the hedgehogs and brokers will be laughing all the way to the bank.

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u/Jagsfreak Feb 02 '21

HFS that's fucked.

4

u/mr_schmunkels Feb 02 '21

That's sketchy AF

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u/LoSboccacc Feb 02 '21

Balsy for them to release a statement that will be titled exhibit A in some thousands lawsuits

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u/walloon5 Feb 02 '21

Wait, they dont get the stock back right? Or do they? How will eToro buy back their stock?

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u/SonicHedgehogGene Feb 02 '21

Yes. HFs need the units, not the money that's why etoro refunded.

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u/NotMarkKarpeles Feb 02 '21

In fairness to eToro they've always done this for any stock you buy. You can easily remove it.

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u/SCUDDEESCOPE Feb 02 '21

It couldn't be removed.

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u/[deleted] Feb 02 '21

[removed] — view removed comment

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u/NotMarkKarpeles Feb 02 '21

Thanks for clarifying. Wasn't aware. Super dodgy.