VLAD Frenzy: Hackers Exploit Robinhood Ecosystem with Fake Memecoin

The Robinhood CEO Vlad Tenev's X account was compromised, allowing a hacker to promote a fake memecoin called VLAD. The attacker made $1.2 million in trading fees after launching the token on the newly debuted Robinhood Chain.

The malicious actor promoted VLAD as the 'official Robinhood Chain mascot' on Vlad's compromised X page. Within hours, the token's trading volume surged to $22 million, with its price skyrocketing by over 90,000% to around $0.0026.

The contract accumulated 5,266 holders and 137,000 transfers on Robinhood Chain. The hacker exploited a loophole in the Pons launchpad platform, which allowed him to withdraw trading fees instead of draining all the liquidity.