Robinhood's brokerage units reached a $45 million settlement with the SEC after being investigated for a spectrum of infractions, including a significant data breach affecting millions. The 2021 breach revealed email addresses of approximately five million customers and full names of two million, showcasing vulnerabilities that led to legal action and financial penalties.
In the November 2021 data breach, a hacker impersonated a Robinhood employee to gain access to sensitive company systems. This breach not only compromised user data but raised questions about the effectiveness of Robinhood's cybersecurity measures and protocols to protect customer information.
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