Robinhood CEO Vlad Tenev Hacked, Exploiter Makes $1.2 Million Promoting Fake Token
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Hackers hijacked Robinhood CEO Vlad Tenev's X account to promote a memecoin called Vladhood (VLAD) that blockchain trackers flagged as a likely scam; the token holds no real funds and has changed hands about 1,868 times. On-chain monitoring estimates the attacker extracted roughly 650 ETH (about $1.2-1.3 million). Robinhood Chain, launched July 1, is seeing millions of trades a day and roughly $9 billion in trading volume driven by memecoins, a rug-pull risk that could threaten plans for tokenized stocks and wider crypto adoption.
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In Brief
- Hackers took over Robinhood CEO Vlad Tenev's X account to push a scam coin.
- The fake post called the coin Robinhood Chain's official mascot.
- A blockchain tracker has flagged the coin as a likely scam.
Hackers took over the X account of Robinhood CEO Vlad Tenev on Thursday. They used it to push a new crypto coin, Vladhood (VLAD), that has already been flagged as a likely scam.
The fake post called VLAD the official mascot of Robinhood Chain. It even said the coin would be listed in the Robinhood app.
Inside the Robinhood CEO X Account Hack
Robinhood’s own accounts stayed silent. So did Robinhood Crypto. That was the first clue the post was fake.
The message started with a question. Does Robinhood love memes? It answered yes, then shared the coin’s address and signed off, “Welcome to the Hood.”
Robinhood CEO’s X Hacked to Push ‘Scam’ Meme coin on Robinhood Chain. Source: Vlad Tenev’s Account
The post has since been deleted.
A blockchain tracker for Robinhood Chain marks the coin as a likely scam. The token holds no real money. It has changed hands about 1,868 times since launch.
According to on-chain monitoring by MLM, the attacker generated around 650 ETH in proceeds from the VLAD token, worth approximately $1.2 million to $1.3 million.
Scams like this keep hitting the network. Reports of rug pulls have multiplied. The trick is not new. A fake coin named after Coinbase boss Brian Armstrong crashed this month, a lesson about trusting posts from executive accounts.
Meme Coins Keep Testing Robinhood Chain
Robinhood Chain went live on July 1. It is a new blockchain that Robinhood built on Ethereum. The company wants it to power tokenized stocks and other real-world assets.
But memecoins took over fast. The network now handles millions of trades a day. Risky meme coins drive most of it, and recently pushed it to record trading volume. Total trading has topped roughly $9 billion, according to Entropy Advisors.
One coin, the Cash Cat meme coin, has led the pack. Some experts worry this meme coin trading boom could hurt Robinhood’s bigger plans for tokenized stocks.
Tenev has welcomed the fun. He once posted that the chain “works great for memes too.” Now that same hype has been turned against him.
While we’re building robinhood chain to be the best chain for RWA … it works great for memes too
Read the article at BeInCrypto
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