Robinhood Chain Hacked: Fake Memecoin VLAD Yields $1.2M in Trading Frenzy

The Robinhood Chain was hit by a malicious actor who compromised CEO Vlad Tenev's X account, using it to promote a fake memecoin called VLAD.

The attacker launched VLAD on July 23 and promoted it on the executive's compromised X page, calling it 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 650 ETH (worth about $1.2-$1.3 million) through the Pons launchpad, which locked all liquidity but allowed creators to withdraw trading fees.