Robinhood CEO Vlad Tenev’s X account seems to have been compromised on July 23 after selling a suspicious meme coin linked to the Robinhood chain. The put up claimed that VLAD represents the community’s official mascot token and can quickly arrive on Robinhood’s app. It additionally directed customers to a contract deal with beginning with 0x92d.
The put up instantly sparked concern, as neither Robinhood nor Robinhood Crypto had issued an analogous announcement. Tenev’s account later deleted the message, however Robinhood Chain Explorer flagged the token as probably fraudulent.
Exploiters reportedly earn thousands and thousands of {dollars}
On-chain monitoring by MLM estimates that the abusers generated roughly 650 ETH from this scheme. That income equates to about $1.2 million to $1.3 million, highlighting the monetary dangers surrounding the launch of a fast-moving meme coin.
Moreover, the token recorded roughly 1,868 transactions after being deployed by a contract linked to PonsLaunchFactory. In consequence, merchants who adopted the suspect endorsement confronted heavy losses.
Robinhood Chain Pulls Meme Coin Exercise
Robinhood Chain launched on July 1st and shortly attracted speculative token buying and selling. Along with VLAD, Cashcat additionally helped drive exercise throughout the community.
Ethereum Layer 2 makes use of Arbitrum Orbit know-how and reportedly processes round 6 million transactions day by day. Moreover, Entropy Advisors estimates that the cumulative buying and selling quantity of decentralized exchanges is near $9 billion.
Nonetheless, the newest incident may convey renewed scrutiny to safety and the dangers of id theft. Importantly, it additionally exhibits how attackers can exploit government accounts to create a false sense of belief.
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