[PSA] Robinhood Insolvency Dangers

I posted this over at r/wallstreebets as well.Robinhood appears to be on the verge of insolvency based on a few data points:To continue operating, it drew on a line of credit from six banks amounting to between $500 million and $600 millionThey had to raise an emergency $1 billion from investors today.They stopped allowing users to buy GME and other meme stonks for a full day yesterday.They have severely limited or blocked 50+ stocks, including lots of non meme stonks. More are likely.They are not allowing people to exercise their options, instead they are automatically selling them at a price of their choosing.There appears to be a bank run on Robinhood as people are fed up with the restrictions, this is a negative feedback loop.If Robinhood goes under the SEC will freeze all the accounts. The SIPC protects up to $500k in accounts.BUT MOST IMPORTANTLY, IF YOU HAVE CRYPTOCURRENCIES AT ROBINHOOD, IT APPEARS YOU WILL LOSE EVERYTHING!I am not bullshitting. Look at their How You're Protected support page for yourself:​Cryptocurrency investments through Robinhood Crypto are not protected by SIPC and that Robinhood Crypto is not a member of FINRA or SIPC.​TL;DR: Get your crypto out of Robinhood ASAP! via /r/Bitcoin https://bit.ly/2YpVWxM