Robinhood CEO Vlad Tenev’s X account appeared compromised on July 23 after promoting a suspicious memecoin linked to Robinhood Chain. The post claimed Vladhood, or VLAD, represented the network’s official mascot token and would soon reach Robinhood’s app. It also directed users toward a contract address beginning with 0x92d.
The post quickly raised concerns because neither Robinhood nor Robinhood Crypto published a matching announcement. Tenev’s account later deleted the message, while Robinhood Chain’s explorer flagged the token as a potential scam.
Exploiter Reportedly Makes Millions
On-chain monitoring from MLM estimated that the exploiter generated roughly 650 ETH from the scheme. That haul represented approximately $1.2 million to $1.3 million, highlighting the financial risks surrounding fast-moving memecoin launches.
Additionally, the token recorded around 1,868 transactions after deployment through a contract linked to PonsLaunchFactory. Consequently, traders who followed the alleged endorsement faced significant losses.
Robinhood Chain Draws Memecoin Activity
Robinhood Chain launched on July 1 and quickly attracted speculative token trading. Besides VLAD, Cashcat has helped drive activity across the network.
The Ethereum Layer 2 uses Arbitrum Orbit technology and reportedly processes about six million daily transactions. Moreover, Entropy Advisors estimates cumulative decentralized exchange volume near $9 billion.
However, the incident could renew scrutiny around security and impersonation risks. Significantly, it also shows how attackers can exploit executive accounts to create false credibility.
Related: Binance Outlines Three Key Priorities for India’s Growing Crypto Market
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