- Robinhood wallet leak fueled $1 token surge as trading volume topped $20M in two hours.
- Frozen RPC blocked wallet transfers after hackers shifted activity to BNB Chain.
- Robinhood Chain faced meme coin frenzy days after its public mainnet launch.
A wallet linked to Robinhood co-founder and CEO Vlad Tenev became the center of intense on-chain activity after its mnemonic seed phrase was reportedly exposed during a livestream, leading to transactions that quickly spread across the newly launched Robinhood Chain.
According to posts shared by X user Michael, the exposed wallet was later frozen at the RPC level, preventing new transactions from being packaged through the network. Before the restriction took effect, the address was allegedly used to fuel speculative trading involving a token known as $1, drawing thousands of participants and generating millions of dollars in trading volume within hours.
Seed Phrase Leak Triggered Rapid On-Chain Activity
Michael stated that the leaked mnemonic phrase allowed anyone to import the wallet into compatible software. He later claimed that Robinhood’s RPC froze the address, meaning transactions originating from that wallet would no longer be packaged by the node. According to his account, users could view the funds but could not transfer assets or execute trades through the affected address.
He further reported that the attackers first used the wallet and related addresses to purchase the $1 token. The activity pushed the token’s market capitalization from approximately $500,000 to $14 million before it later declined. Michael added that trading volume reached about $20 million within two hours.
Activity Shifted to BNB Chain
After discovering the wallet had been frozen, Michael said the individuals controlling the compromised address shifted activity to BNB Chain. He reported that tokens were issued there, followed by buying and selling activity before the market was eventually sold into.
Michael also wrote that the $1 token had gained a new narrative after thousands of people around the world followed the wallet’s activity during the livestream. He reiterated that the frozen RPC prevented the address from sending transactions, making transfers, purchases, and sales unavailable through the affected node.
Incident Follows Robinhood Chain Launch
The reported wallet activity came days after Robinhood launched the public mainnet of Robinhood Chain, its layer-2 blockchain built for real-world assets, tokenized stocks, and on-chain finance.
Earlier, CEO Vlad Tenev said the blockchain was designed primarily for real-world assets but also “works great for memes too.” Around the same period, CashCat emerged as one of the first meme coins discussed on the network, with reports of strong early price gains following the chain’s public launch.
Related: Robinhood Chain Scam Tokens Trigger Wallet Concerns as Relay Confirms User Funds Lost
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