The X account of Robinhood CEO Vlad Tenev was just lately compromised and used to advertise the faux memecoin Vladhood (VLAD), with the hacker making $1.2 million in buying and selling charges.
On July 23, a malicious actor launched the VLAD memecoin on the newly debuted Robinhood Chain (an Ethereum Layer-2 community). He then promoted it on the manager’s compromised X web page, calling it the “official Robinhood Chain mascot”.
Inside hours, the token’s buying and selling quantity surged to $22 million. Its value skyrocketed by over 90,000% to commerce at round $0.0026. The contract collected 5,266 holders and 137,000 transfers on Robinhood Chain.
In a typical rug pull, the hacker would have made away with all of the liquidity, leaving patrons holding nugatory tokens. On this state of affairs, nonetheless, the attacker launched the memecoin utilizing the Pons launchpad. The platform locked all of the liquidity however allowed any token creator to withdraw buying and selling charges, which is what this hacker did. By repeatedly calling on the price operate, he was in a position to make off with 650 ETH (price about $1.2-$1.3 million on the time).
The response
The Robinhood Communications X account famous the compromise inside about 40 minutes of its execution, and warned customers of the identical. Shortly after, X deleted the publish on Vlad’s account and the Robinhood Chain blockchain explorer labeled the challenge a possible rip-off. By then, a number of copycat VLAD tokens had been launched by mimic thieves.
Supply: Robinhood Chain block explorer
Notably, Robinhood just lately famous its inclusion of memecoins into its ecosystem alongside real-world belongings (RWAs).
Yesterday’s assault leveraged this announcement, alongside the memecoin frenzy and the platform’s low charges, to conduct the exploit. It additionally matched the July 12 hack of Starlink and SpaceX X accounts to advertise one other fraudulent memecoin that suffered a $2 million rug pull.
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