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Iphone

Apple Tops Samsung For First Time in Global Smartphone Shipments (theverge.com) 18

For the first time ever, Apple beat out Samsung to ship the most smartphones in a year according to IDC's Worldwide Quarterly Mobile Phone Tracker. From a report: Although IDC cautions that its data is preliminary and subject to change, a second research agency, Canalys, also has Apple taking its top spot for all of 2023. IDC has Apple's total mobile shipments at 234.6 million, versus 226.6 million for Samsung. Xiaomi, Oppo, and Transsion round out the top five with 145.9, 103.1 and 94.9 million smartphones shipped, respectively.

IDC notes that the last time Samsung wasn't on top of the annual board was 13 years ago in 2010. Back then Apple didn't even feature in the top five. Instead it was Nokia in first place, Samsung in second, LG Electronics in third, ZTE in fourth, and Research in Motion (manufacturers of BlackBerry devices) in fifth.

Security

Amnesty International Confirms Apple's Warning to Journalists About Spyware-Infected iPhones (techcrunch.com) 75

TechCrunch reports: Apple's warnings in late October that Indian journalists and opposition figures may have been targeted by state-sponsored attacks prompted a forceful counterattack from Prime Minister Narendra Modi's government. Officials publicly doubted Apple's findings and announced a probe into device security.

India has never confirmed nor denied using the Pegasus tool, but nonprofit advocacy group Amnesty International reported Thursday that it found NSO Group's invasive spyware on the iPhones of prominent journalists in India, lending more credibility to Apple's early warnings. "Our latest findings show that increasingly, journalists in India face the threat of unlawful surveillance simply for doing their jobs, alongside other tools of repression including imprisonment under draconian laws, smear campaigns, harassment, and intimidation," said Donncha Ã" Cearbhaill, head of Amnesty International's Security Lab, in the blog post.

Cloud security company Lookout has also published "an in-depth technical look" at Pegasus, calling its use "a targeted espionage attack being actively leveraged against an undetermined number of mobile users around the world." It uses sophisticated function hooking to subvert OS- and application-layer security in voice/audio calls and apps including Gmail, Facebook, WhatsApp, Facetime, Viber, WeChat, Telegram, Apple's built-in messaging and email apps, and others. It steals the victim's contact list and GPS location, as well as personal, Wi-Fi, and router passwords stored on the device...

According to news reports, NSO Group sells weaponized software that targets mobile phones to governments and has been operating since 2010, according to its LinkedIn page. The Pegasus spyware has existed for a significant amount of time, and is advertised and sold for use on high-value targets for multiple purposes, including high-level espionage on iOS, Android, and Blackberry.

Thanks to Slashdodt reader Mirnotoriety for sharing the news.
Blackberry

Veritas Makes a Takeover Offer for BlackBerry (reuters.com) 20

Private equity firm Veritas Capital has made an offer to buy Canadian software company BlackBerry, Reuters reported Friday, citing a person familiar with the matter. From the report: BlackBerry had said in May it would conduct a review of strategic alternatives, which could includes the possible separation of one or more of its businesses. Founded in 1984, the company currently makes software for cars and cybersecurity. It became popular for its ubiquitous business smartphones, toted by executives, politicians and legions of fans in the early 2000s. It pulled the plug on its smartphones business last year and has since been trying to sell its legacy patents related to its mobile devices.
Blackberry

'Irreverent' and 'Scrappy': Reactions to Trailer and Early Screening of Movie 'BlackBerry' (vulture.com) 31

"When we learned that a BlackBerry movie was in the works last year," writes Engadget, "we had no idea it would be something close to a comedy. But judging from the trailer, it's aiming to be a far lighter story than other recent films about tech."

Variety notes that the movie has already screened at both Berlin Film Festival and SXSW Film Festival. "The film has received favorable reviews so far, with Variety's Peter Debruge calling it "frantic, irreverent and endearingly scrappy."

That review also calls the film "surprisingly charitable to the parties involved, acknowledging that these visionaries, while making it up as they go along, still managed to change the way the world communicates.... The film, at least, feels fresh, making geek history more entertaining than it has any right to be." But there's also a message in there somewhere. Mashable calls it "a cautionary tale jolted with humor and heart," while Vulture describes it as "a very funny geek tragedy." The stories of tech founders continue to entertain and frustrate us in equal measure, and continue to give us more content to watch on the platforms and devices they created. Clearly, something about power-tripping nerds really speaks to something in our collective psyche.
Actor Jay Baruchel plays BlackBerry co-founder Mike Lazaridis — and even tells Vulture he'd kept using his own BlackBerry "until about three or four years ago..."

"I think there's something inherently tragic about these guys that are really significantly responsible, in a really significant way, for the way we all relate to each other. There's a direct line from how we all communicate now, back to what these nerds did in Waterloo in 1996."

The movie will be released on May 12.
Businesses

Work Phones Make Comeback as More Employers Ban WhatsApp, TikTok (bloomberg.com) 65

There may be a new ringtone in your life -- the urgent chime of a company-issued cell phone. From a report: In a throwback to the Blackberry era, telecom-service providers are seeing strong growth from companies handing out phones to employees. The phenomenon, which started during the pandemic, picked up recently thanks to new compliance policies around the use of WhatsApp and TikTok. It's provided a "tailwind" for subscriber gains at AT&T, Chief Financial Officer Pascal Desroches said at a conference this week. At the same event, T-Mobile US Inc. Chief Financial Officer Peter Osvaldik said his company's corporate customer count "grew every quarter in 2022."

The phones are more than just a corporate perk, said Gartner analyst Lisa Pierce. "It's also about control" -- a means of restricting or blocking applications and keeping corporate data secure, she said. Businesses, especially those in finance, have grown concerned about the security of their data, and the Securities and Exchange Commission and the Commodity Futures Trading Commission have stepped up their scrutiny over unauthorized private communication on applications such as WhatsApp and through personal email. Late last year, Congress, along with several states, banned China-owned TikTok from government employees' devices over national security concerns. This puts organizations in the position of either requiring their workers to remove apps from personal phones, or offering a secure second device. That second device helps explain how wireless carriers keep racking up millions of new subscribers long after the time when the mobile market passed saturation, with nearly every adult in the US owning at least one phone.

IT

Mobile Phone, PC Shipments To Fall Again in 2023, Gartner Says (reuters.com) 25

Shipments of personal computers and mobile phones are expected to fall for the second straight year in 2023, with phone shipments slumping to a decade low, IT research firm Gartner said on Tuesday. From a report: Mobile phone shipments are projected to fall 4% to 1.34 billion units in 2023, down from 1.40 billion units in 2022, Gartner said. They totaled 1.43 billion in 2021. That was close to the 2009 shipments level when Blackberry and Nokia phones were the market leaders as Apple tried to dent their dominance.

The mobile phone market peaked in 2015 when shipments touched 1.9 billion units. The pandemic led to a fundamental change where people working from home didn't feel the need to change phones frequently, Ranjit Atwal, research director at Gartner, said in an interview.

Encryption

Researchers Quietly Cracked Zeppelin Ransomware Keys (krebsonsecurity.com) 24

Brian Krebs writes via KrebsOnSecurity: Peter is an IT manager for a technology manufacturer that got hit with a Russian ransomware strain called "Zeppelin" in May 2020. He'd been on the job less than six months, and because of the way his predecessor architected things, the company's data backups also were encrypted by Zeppelin. After two weeks of stalling their extortionists, Peter's bosses were ready to capitulate and pay the ransom demand. Then came the unlikely call from an FBI agent. "Don't pay," the agent said. "We've found someone who can crack the encryption." Peter, who spoke candidly about the attack on condition of anonymity, said the FBI told him to contact a cybersecurity consulting firm in New Jersey called Unit 221B, and specifically its founder -- Lance James. Zeppelin sprang onto the crimeware scene in December 2019, but it wasn't long before James discovered multiple vulnerabilities in the malware's encryption routines that allowed him to brute-force the decryption keys in a matter of hours, using nearly 100 cloud computer servers.

In an interview with KrebsOnSecurity, James said Unit 221B was wary of advertising its ability to crack Zeppelin ransomware keys because it didn't want to tip its hand to Zeppelin's creators, who were likely to modify their file encryption approach if they detected it was somehow being bypassed. This is not an idle concern. There are multiple examples of ransomware groups doing just that after security researchers crowed about finding vulnerabilities in their ransomware code. "The minute you announce you've got a decryptor for some ransomware, they change up the code," James said. But he said the Zeppelin group appears to have stopped spreading their ransomware code gradually over the past year, possibly because Unit 221B's referrals from the FBI let them quietly help nearly two dozen victim organizations recover without paying their extortionists. [...]

The researchers said their break came when they understood that while Zeppelin used three different types of encryption keys to encrypt files, they could undo the whole scheme by factoring or computing just one of them: An ephemeral RSA-512 public key that is randomly generated on each machine it infects. "If we can recover the RSA-512 Public Key from the registry, we can crack it and get the 256-bit AES Key that encrypts the files!" [James and co-author Joel Lathrop wrote in a blog post]. "The challenge was that they delete the [public key] once the files are fully encrypted. Memory analysis gave us about a 5-minute window after files were encrypted to retrieve this public key." Unit 221B ultimately built a "Live CD" version of Linux that victims could run on infected systems to extract that RSA-512 key. From there, they would load the keys into a cluster of 800 CPUs donated by hosting giant Digital Ocean that would then start cracking them. The company also used that same donated infrastructure to help victims decrypt their data using the recovered keys.
A more technical writeup on Unit 221B's discoveries (cheekily titled "0XDEAD ZEPPELIN") is available here.
Blackberry

New Film 'BlackBerry' To Explore Rise and Fall of Canadian Smartphone (www.cbc.ca) 81

The rise and catastrophic fall of what was once Canada's most valuable company is set for the big screen. CBC.ca reports: Blackberry will tell the story of Waterloo, Ont.-based Research in Motion (RIM), creators of the titular device, which for a time was the world's most popular smartphone. The film stars Canadian actor Jay Baruchel as company co-founder Mike Lazaridis and It's Always Sunny in Philadelphia's Glenn Howerton as co-CEO Jim Balsillie. The film was adapted from the 2015 book Losing the Signal: The Spectacular Rise and Fall of BlackBerry, by Sean Silcoff and Jacquie McNish. Toronto's Matt Johnson directs and also appears in the film as RIM's other co-founder, Doug Fregin. The cast also includes Cary Elwes, Saul Rubinek and Michael Ironside.

RIM was founded in 1984 by business partners Lazaridis and Fregin, who had previously worked together on a failed LED sign business. After a decade of dabbling in various other technology projects, they turned their attention to the two-way communications systems that would become the foundation for the BlackBerry device.

Security

Symbiote: A New, Nearly-Impossible-to-Detect Linux Threat (blackberry.com) 43

Ars Technica reports: Researchers have unearthed a discovery that doesn't occur all that often in the realm of malware: a mature, never-before-seen Linux backdoor that uses novel evasion techniques to conceal its presence on infected servers, in some cases even with a forensic investigation.

On Thursday, researchers and the BlackBerry Threat Research & Intelligence Team said that the previously undetected backdoor combines high levels of access with the ability to scrub any sign of infection from the file system, system processes, and network traffic. Dubbed Symbiote, it targets financial institutions in Brazil and was first detected in November.

Researchers for Intezer and BlackBerry wrote:

"What makes Symbiote different from other Linux malware that we usually come across, is that it needs to infect other running processes to inflict damage on infected machines. Instead of being a standalone executable file that is run to infect a machine, it is a shared object (SO) library that is loaded into all running processes using LD_PRELOAD (T1574.006), and parasitically infects the machine. Once it has infected all the running processes, it provides the threat actor with rootkit functionality, the ability to harvest credentials, and remote access capability...."

So far, there's no evidence of infections in the wild, only malware samples found online. It's unlikely this malware is widely active at the moment, but with stealth this robust, how can we be sure?

"When hooked functions are called, the malware first dynamically loads libc and calls the original function..." according to Blackberry's blog post. "If the calling application is trying to access a file or folder under /proc, the malware scrubs the output from process names that are on its list.... If the calling application is not trying to access something under /proc, the malware instead scrubs the result from a file list....

"Symbiote also has functionality to hide network activity on the infected machine."
Google

Google Opens Up Chrome and Chrome OS To Enterprise Security, Control Integrations (theverge.com) 10

Google is highlighting how Chromebooks can work in "zero trust" corporate environments with its new Chrome Enterprise Connectors Framework. From a report: The new integration system is designed to make the Chrome browser and Chrome OS devices easier for IT departments to implement with existing security, endpoint, and authentication solutions as well as bother management solutions. Google Chrome OS exec John Solomon describes the new tools as a "plug and play" solution that lets other companies helm Chrome OS management functions like remote-wiping a Chromebook using BlackBerry Unified Endpoint Management or flagging malware downloads with Splunk. These types of management functions previously worked through the Google Admin console. Managing and enrolling Chrome OS devices in the enterprise will still rely on Google tools like Google Admin and Chrome Browser Cloud Management. But new tools like Chrome OS Data Controls give enterprises more options to allow or lock down actions like printing, screen capture, copy / paste, and other potential data loss situations. It might even give IT a better handle on buggy Chrome OS updates and is currently available through the Trusted Tester program.
Blackberry

'Slim' New BlackBerry Clone Is the Thickest Phone of the Year (neowin.net) 65

"Headline says it all," writes Slashdot reader segaboy81. "Lots of people have been looking forward to this Kickstarter for the Unihertz Titan Slim, but it is easily the thickest phone of 2022." Neowin's Dean Howell reacts to an unboxing video of Unihertz's Titan Slim, the successor to last year's Titan Pocket physical keyboard-equipped BlackBerry clone, writing: While Blackberry refugees have been clamoring for new PKB devices, they've been asking for them to be thin and sleek like the Blackberry of yesterday. We thought that's what we were getting with the announcement of the Titan Slim, but after yesterday's unboxing video by Adam over at TechOdyssey we know that's not the case at all. [...] Normally he would show how it compares to other devices, and I think this go 'round he was reticent to compare it directly to the Titan Pocket because if he did it would confirm what I think is true; the Titan Slim is not slim at all and it's every bit as think as the Titan Pocket.

The drama doesn't end there I'm afraid. There is a review embargo on this device, so there are a lot of details Adam didn't talk about, like performance characteristics. [...] New year, new phone, new CPU right? Wrong. I wondered what CPU the Titan Slim would ship with and it took less than a minute to figure out. I went over to Geekbench and found it had already been tested. Unfortunately, the Titan Slim will ship with the same CPU as last year's Titan Pocket. What's worse is the Helio P70 in the Titan Slim is comparable at best to the then-mid-range Snapdragon 660 of the 2018 Key2.

Blackberry

OnwardMobility is Dead, and So Are Its Plans To Release a 5G BlackBerry Phone (engadget.com) 13

There's won't be a big revival for BlackBerry phones anytime soon. OnwardMobility, the Austin-based startup that announced its plans to release a 5G BlackBerry device with a physical keyboard back in 2020, is shutting down. From a report: The company posted a notice of its closure on its website, making it clear that it won't be proceeding with the development of the smartphone. This comes a month after it responded to people asking about the status of the project with a blog post entitled "contrary to popular belief, we are not dead." While OnwardMobility didn't expound on the reason behind its closure, Android Police reported a few days ago that its license to use the BlackBerry name had been canceled. Apparently, BlackBerry wants to distance itself from its past as a smartphone manufacturer after it sold off its remaining mobile patents for $600 million in the beginning of February. OnwardMobility reportedly decided not to push through with the development of a new smartphone without the BlackBerry name, especially since it won't be easy entering the market with an ongoing global component shortage.
Blackberry

BlackBerry's 5G Phone Is Officially Dead (cnet.com) 19

An anonymous reader quotes a report from CNET: The delayed 5G BlackBerry phone is dead, OnwardMobility has confirmed on its website. "It is with great sadness that we announce that OnwardMobility will be shutting down, and we will no longer be proceeding with the development of an ultra-secure smartphone with a physical keyboard," OnwardMobility said in a message posted Friday, as spotted earlier by CrackBerry. "Please know that this was not a decision that we made lightly or in haste. We share your disappointment in this news and assure you this is not the outcome we worked and hoped for." Android Police and CrackBerry originally reported the phone had been cancelled on Feb. 11, saying OnwardMobility, a Texas-based startup seeking to revitalize the iconic brand through an Android-based, next-gen Wi-Fi device, lost the license from BlackBerry Ltd. to use the BlackBerry brand name. OnwardMobility did not expand on why it is shutting down and cancelling production of the phone. The news comes after BlackBerry ended service for its legacy devices in early January. "Before OnwardMobility picked up the license, Chinese manufacturer TCL was the most recent maker of BlackBerry-branded phones," adds CNET.

Most recently, the company sold its prized patent portfolio to "Catapult IP Innovations Inc." for $600 million.
Blackberry

BlackBerry Sells Mobile and Messaging Patents For $600 Million (arstechnica.com) 55

An anonymous reader quotes a report from Ars Technica: BlackBerry is adding another sad chapter to the downfall of its smartphone business. Today the company announced a sale of its prized patent portfolio for $600 million. The buyer is "Catapult IP Innovations Inc.," a new company BlackBerry describes as "a special purpose vehicle formed to acquire the BlackBerry patent assets." BlackBerry says the patents are for "mobile devices, messaging and wireless networking." These are going to be the patents surrounding BlackBerry's phones, QWERTY keyboards, and BlackBerry Messenger (BBM). BlackBerry most recently weaponized these patents against Facebook Messenger in 2018, which covered ideas like muting a message thread and displaying notifications as a numeric icon badge. BlackBerry -- back when it was called RIM -- was a veteran of the original smartphone patent wars, though, and went after companies like Handspring and Good Technology in the early 2000s.

If the name "Catapult IP Innovations" didn't give it away, weaponizing BlackBerry's patents is the most obvious outcome of this deal. According to the press release, Catapult's funding for the $600 million deal is just a $450 million loan, which will immediately be given to BlackBerry in cash. The remaining $150 million is a promissory note with the first payment due in three years. That means Catapult is now a new company with a huge amount of debt, no products, and no cash flow. Assuming the plan isn't to instantly go bankrupt, Catapult needs to start monetizing BlackBerry's patents somehow, which presumably means suing everyone it believes is in violation of its newly acquired assets.

Blackberry

BlackBerry OS Devices Will Stop Working On January 4, 2022 (liliputing.com) 67

If you're still using an older BlackBerry phone running BlackBerry OS, it's time you upgrade devices. According to BlackBerry, it's ending support for legacy services for BlackBerry OS and BlackBerry PlayBook OS on January 4, 2022. Liliputing reports: Among other things, that means that if you have a phone running BlackBerry 10 or BlackBerry 7.1 OS or earlier, then as of January 4, 2022 it will no longer reliably support: Phone calls; SMS; and 9-1-1 emergency calls. BlackBerry says WiFi and mobile data might also become unreliable, and applications including BlackBerry Link, BlackBerry Desktop Manager, BlackBerry World, BlackBerry Protect, BlackBerry Messenger, and BlackBerry Blend "will also have limited functionality."

The BlackBerry PlayBook tablet is also reaching end-of-life status, which means that anyone hanging onto the 10-year-old tablet will also find it severely limited starting January 4th. But the fact that BlackBerry discontinued the tablet a year after launch suggests that there probably never were all that many PlayBook owners in the first place and that number has surely dwindled over the past decade. Folks who are still using a device with BlackBerry OS will want to check out the company's FAQ for tips on migrating their data to other platforms while they still can.

The Almighty Buck

Robinhood CEO Unwittingly Inspired $1 Million Meme Stock Fraud (bloomberg.com) 16

According to the SEC, Robinhood CEO Vlad Tenev unwittingly inspired brokerages to engage in a scheme involving illegal wash trading, or trading with yourself. An anonymous reader shares the report from Bloomberg: The SEC accused Suyun Gu and Yong Lee of improperly pocketing more than $1 million of rebates from stock exchanges from February through April, after placing thousands of options trades for hot shares like GameStop, AMC , BlackBerry and Nokia. The U.S. equity market, including the related options business, is built atop a system known as maker-taker. Traders who submit orders that sit on an exchange's public order book are, in many cases, paid a "maker" rebate -- an incentive designed to attract more liquidity. Those who trade against those resting orders are charged a "taker" fee. Gu, who lives in Miami, and Lee, a resident of Torrance, California, placed the first part of their trades through a broker based in Greenwich, Connecticut and another in Morristown, New Jersey, that pass along the maker rebates to their clients, according to the SEC's complaint. They targeted out-of-the-money puts for their resting orders, investments that others were unlikely to trade against because the holdings offered little opportunity to make money -- barring something nefarious. Gu, 35, and Lee, 37, then traded against their own orders through accounts they opened at brokers including Robinhood, which doesn't pass along "taker" fees to customers. In summary, their profits came from collecting maker rebates without having to pay taker fees. Gu executed approximately 11,430 wash trades, pocketing $668,671, according to the SEC. For Lee, it was 2,360 wash trades and $51,334 of profits, the regulator said.

The SEC didn't name Tenev or Robinhood. Instead, the agency refers to a "Broker-dealer B" based in Menlo Park, California. The SEC complaint adds that the firm's CEO appeared before the House Financial Services Committee on Feb. 18, where he said the firm "pioneered commission free and zero contract fee options trading." For Tenev, that day was a grueling five-hour ordeal. He faced dozens of probing questions from lawmakers, who accused Robinhood of turning the stock market into a casino while failing to protect retail investors amid the frenzied run-up of GameStop and other stocks. But Gu heard opportunity, according to the SEC. The former trade-system developer who had worked at several financial firms concluded from Tenev's testimony that Robinhood didn't charge its customers "take fees," the agency said. Gu's friend, Lee, joined in the scheme, according to the SEC. While Gu is contesting the regulator's claims, Lee agreed to pay a $25,000 fine and about $52,000 in disgorgement and interest without admitting or denying wrongdoing. The SEC added that its investigation didn't initially prompt Gu to stop breaking the law.

Blackberry

BlackBerry Resisted Announcing Major Flaw in Software Powering Cars, Hospital Equipment (politico.com) 40

A flaw in software made by BlackBerry has left two hundred million cars, along with critical hospital and factory equipment, vulnerable to hackers -- and the company opted to keep it secret for months. Politico: On Tuesday, BlackBerry announced that old but still widely used versions of one of its flagship products, an operating system called QNX, contain a vulnerability that could let hackers cripple devices that use it. But other companies affected by the same flaw, dubbed BadAlloc, went public with that news in May. Two people familiar with discussions between BlackBerry and federal cybersecurity officials, including one government employee, say the company initially denied that BadAlloc impacted its products at all and later resisted making a public announcement, even though it couldn't identify all of the customers using the software.

The back-and-forth between BlackBerry and the government highlights a major difficulty in fending off cyberattacks on increasingly internet-connected devices ranging from robotic vacuum cleaners to wastewater-plant management systems. When companies such as BlackBerry sell their software to equipment manufacturers, they rarely provide detailed records of the code that goes into the software -- leaving hardware makers, their customers and the government in the dark about where the biggest risks lie. BlackBerry may be best known for making old-school smartphones beloved for their manual keyboards, but in recent years it has become a major supplier of software for industrial equipment, including QNX, which powers everything from factory machinery and medical devices to rail equipment and components on the International Space Station.

Hardware

Nokia's Smartphone: 25 Years Since it Changed the World (dw.com) 17

The Nokia 9000 Communicator -- "the office in your back pocket" -- was a smartphone even before the word was invented. It has been 25 years since it revolutionized the market. DW: Nokia presented its 9000 Communicator at the CeBIT 1996 computer fair in Hanover, Germany, and launched on August 15 of that year. "The office in your back pocket" added to the IBM Simon from 1994 and the HP OmniGo 700LX from March 1996. The 9000 Communicator was a smartphone even before the word had been invented. For a decade, the device was ââwhat a smartphone was supposed to look like. After the Communicator, Blackberry perfected the idea -- until Apple's iPhone with its multitouch screen in 2007 came along.

Opened like a minilaptop, with a keyboard and a black-and-white display with a diagonal of just 11.5 centimeters (4.5 inches), the retrofuturistic-looking device was made famous by actor Val Kilmer in the remake of the film The Saint. The 9000 Communicator was the first device to offer a combination of keyboard, quality screen, and business and internet software in one package. It had for the first time all of the features of a computer on a phone, putting email, web browsing, fax, word processing and spreadsheets into a single pocketable device.

Businesses

Robinhood Will Allow 'Limited Buys' of Stocks Like GameStop, Starting Friday (theverge.com) 128

After removing GameStop, AMC, BlackBerry, and Nokia from its platform, getting slapped with a class-action lawsuit, and flooded with 1-star reviews on the Google Play Store, Robinhood is starting to have a change of heart. The trading platform announced that, beginning Friday, it will allow "limited buys" on restricted stocks, like GameStop, AMC, and others. The Verge reports: "Starting tomorrow, we plan to allow limited buys of these securities," the company said in a blog post. "We'll continue to monitor the situation and may make adjustments as needed." In its statement, Robinhood emphasized that the decision to halt purchases was made because of internal risk to the company, not as a response to outside pressure from other financial actors.

"As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment," the post argues. "To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to."

Businesses

Robinhood Clients Say Platform Has Removed GameStop and AMC, and is Only Allowing Holders To Sell (businessinsider.com) 251

Robinhood removed GameStop, AMC, BlackBerry, and Nokia from its trading platform on Thursday, leaving investors unable to buy the highly volatile stocks. From a report: The discount brokerage informed clients they can close out positions in the affected stocks but cannot purchase additional shares, according to numerous screenshots shared on Twitter. The move came before markets opened on Thursday. The stocks that were removed have all surged in recent trading sessions as day-traders united in Reddit forums like WallStreetBets frenetically buy the names to push their share prices higher. The phenomenon has already fueled massive losses for numerous hedge funds and caught the attention of regulators and the White House. Joshua Topolsky, a technology reporter and commentator, said: "Literally Robinhood just told the world that you can play until someone bigger than you doesn't like the game anymore. Brand suicide."

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