Robinhood Stock Drops After Hackers Promote Fake Token on CEO's X Account

Robinhood Markets Inc., the parent company of popular trading platform Robinhood, saw its stock slip by 2.78% after an unauthorized post on CEO Vlad Tenev's X account promoted a fake token.

The incident occurred when hackers gained access to Tenev's X account and used it to promote a token called VLAD, which was later labeled as a scam by Robinhood Chain's blockchain explorer.

According to on-chain data, the token contract generated approximately 1,868 transactions shortly after launch, with wallets linked to the incident withdrawing about 650 ETH, valued at between $1.2 million and $1.3 million.

The unauthorized post remained visible for a significant period, attracting over 175,000 views before users flagged it as suspicious.