Kim followed up on the email, asking for more information about the investigation. The response he got frustrated him even more.
“Due to regulatory concerns as well as the security and protection of any associated Robinhood accounts, we’re unable to share details about the outcome of the investigation,” according to the email, which Kim posted in a YouTube video explaining the situation and asking for help from anyone who watched.
“It’s not about money, it’s about justice,” he said in a phone interview.
After Bloomberg reached out to Robinhood Thursday for comment on this story, Kim was contacted by the company. He spoke with Robinhood representatives Friday morning and said “their attitude completely changed.” They apologized and told him they’d return all the funds that were lost, Kim said.
The company declined to comment on whether it reached out to the customer as a result of Bloomberg’s inquiries. A person familiar with the response said Robinhood had been investigating the issue prior to Bloomberg’s outreach.
‘Hack Emergency’
Zhu remains in limbo. He says Robinhood was immediately informed of his compromised account. His 29-year-old son, Simon, who had encouraged him to join Robinhood, also reached out, about an hour after Zhu was locked out.
“My Dad’s Account is hacked,” Simon wrote to Robinhood customer support. “His account keeps buying Fitbit options in large numbers. This is a fraud and a hack emergency. Please help immediately!!!”
For Zhu, the outcome is critical. The $300,000 is more than half of the retirement savings he has in his Robinhood account. Zhu said he’s keeping the account locked until the dispute is resolved. He has just $34.61 in his savings account.
“We are hopeless,” he said. “This is my last savings.”
This article was provided by Bloomberg News.