Key facts
- Robinhood CEO Vlad Tenev's X account was hacked to promote a fake memecoin.
- The hackers promoted a token named Vladhood (VLAD), falsely claiming it was official and would be listed on the Robinhood app.
- Robinhood confirmed the breach, stated the post was unauthorized, and that the account has been secured.
- The incident highlights the prevalence of meme coin scams on social media and Robinhood's new blockchain network.
Robinhood CEO Vlad Tenev's verified X account was compromised and used to promote a fake memecoin called Vladhood (VLAD), which falsely claimed it would be listed on the Robinhood app. Robinhood confirmed the hack through its official communications account, stating they were working with X to restore access and that the fraudulent post had been removed. The incident occurred as Robinhood's recently launched Ethereum layer-2 network, Robinhood Chain, has generated significant buzz and activity, partly due to speculative meme coin trading. The network has earned over $1.1 million in revenue in the last seven days, with a total value locked of $309 million. The Vladhood memecoin surged to a market cap of around $10 million before trading above $4 million, with insiders reportedly cashing out over $1 million in profits. This incident follows a pattern of high-profile accounts on social media being hacked to promote meme coin scams.