Robinhood CEO's X Account Compromised for Fake Memecoin Frenzy

The Robinhood CEO's X account was compromised by a hacker who used it to promote the fake memecoin VLAD.

The attack occurred on July 23, with the hacker launching the token on the Robinhood Chain (an Ethereum Layer-2 network) and promoting it on Vlad Tenev's compromised X page as the 'official Robinhood Chain mascot'.

The token's trading volume surged to $22 million within hours, with its price skyrocketing by over 90,000% to trade at around $0.0026.

The hacker made off with approximately $1.2-$1.3 million in trading fees using the Pons launchpad, which allowed token creators to withdraw fees despite locking liquidity.