This was not due to malice but instead, incompetence. They didn’t have enough cash to clear their trades.

I have ranted on here before about the SV startup mindset of “I don’t need to know anything about the industry I’m ‘disrupting’ nor do I need to play by their rules” and this was an example of that. On that day, everybody who was actually in capital markets went, “what f-ing idiots those guys are”

https://en.wikipedia.org/wiki/GameStop_short_squeeze