Back ground, Russia and Ukraine Conflict is happening and there are some degenerates gambling in the Stonk markets as usual.
Some people had positions going long in Russian Assets such as $MGNTL.L
Due to the conflict, the price of Russian Assets tanked, and-
eToro went ahead and closed positions.
Unexpectedly and against people’s will.
Like, I know eToro is shit, and now they do more shitty shit, like selling your positions and liquidating them (again),
This is obviously adding to the tanking of Russian Stonks,
And this is speculatorily being traded on as some insiders will Undoubtably had opened or hedged for Shorting -idk- all of Russia. So expect someone to make money off of this, that’s a given.
Yea, call it what you want, eToro fucked over their clients. . . Again
Of course, fucking over your clientele based on your own political leanings/ liquidity issues is obviously going to upset people that want nothing to do with anything you preach;
Resulting in a vapid and empty apology
Yea, sell that shit for cheap and also make your clients experience a loss on your platform.
How cheap? Well, about a penny cheap;
And they specifically unloaded the Stocks at 1 Cent a share. It’s almost like they planned to maximize their OTC Gain by having people sell out at 1 cent while their fuck-fuck buddies in the back maximize their Short positions.
Here is someone with an alternative theory resulting in (still) eToro fucking over it’s clients and making money;
Of course, this is all due to a lack of liquidity. . .
Yes, because when share prices fall, it means that people are panic selling and that puts a shit ton of shares in the open market. . . Wait a minute.
Yea, if shares fall, there is no way that there would be a lack of liquidity in shares. There might be a lack of liquidity on the money side of eToro, and that too would be eToro’s fault for providing a service to it’s clients that it could not fiduciarily nor responsibly provide.
Anyways, days later, eToro applied a refund;
Here is another source;
Allegedly eToro applied a refund.
“Allegedly”, because I don’t have any proof or receipts that they did.
Nor could I find any, so, ‘meh’?
And eToro has no shame and are willing to do it again;
I say this probably because of the way they worded their reasons;
So they made a new statement in that article above that they had to take personal action to react to market conditions.
Even though they recently said it was due to political ramifications resulting in taking actions for exceptional events;
“Situations such as this may be considered as ‘Exceptional Events’, which require us to take actions that we normally would not.”
And also this statement as well;
Again, these are eToro’s statement even though they closed NON LEVERAGED POSITIONS.
Liquidity should not be an issue for non-leveraged positions. So there is definitely some fuck-fuck games going on behind the scenes. What type of liquidity did they have issues on? This vague ambiguity in their statements only make them less trustworthy. Which, I mean, they aren’t that great to begin with.
All of this meaning that they intentionally fucked with the markets and manipulated other people’s money directly tied to an asset because ‘Russia’ or some tangentially related ‘liquidity issue’. Meaning that those shares in eToro was never under the control of the alleged ‘clients’.
I mean, if you own a share on a platform with your own money and not margin, but someone else can sell it on your behalf, then you don’t own those shares.
Again, you’d have to read the terms and conditions but it seems like eToro is financially cucking their ‘customers’.
I say ‘clients’ and ‘customers’ with emphasis, because let’s face it, the small guys aren’t the real customers on eToro. They’re the cannon fodder, the sacrificial lamb, the minnow for a whale in the zero-sum game of the market mechanics. Sheesh
As of writing,
There is no Press release or statements by eToro on their website.
I have thought about asking eToro for comment, and decided not to because I’m not a real journalist, so they have presumptuously declined to comment due to not knowing that they could have commented. If they do read this, then they should know now that they have the ability to comment.
There’s not a lot of data points to corroborate this story, just a statement on the app followed by a screenshot from a twitter user. This spurred a bunch News media to write a lot about this story.
Which relies heavily on one primary source.
And that’s kind of wishy washy, so who knows what is actually true.
But I already don’t like eToro, and if it is true what they did, then it only makes
All I’m Saying is, Rich people are getting richer taking advantage of bystanders in an armed conflict.
So, business as usual.
And eToro is shit- That’s like, my opinion.
And I don’t want people to forget or think that this shit should be allowed or acceptable. We shouldn’t live like sheep with normalizing robber barons disguised as Middle men brokerages from fucking over people and their money.
That’s not Very Cash Money.
*Not Valid Financial, Legal, Life, or Any Advice
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[…] eToro did some faux paus in the Russian Stock Controversy in which eToro forced their clients into trades and closed positions. Later, eToro refunded the […]