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FollowingRobinhood's communications team said on Thursday that CEO Vlad Tenev's X account was briefly hacked and was used by attackers to promote a fraudulent form of memin, the latest fraud to exploit the brokerage firm's cryptocurrency ambitions.
This fake post (now deleted) promoted a token called Vladhood with the trading code VLAD and called it the "official mascot of the Robinhood Chain." The post went further, falsely claiming that the token was about to be available on the Robinhood app-a gimmick designed to provide legitimacy to the scam through Tenev's authenticated account.
The company posted from its official communications account: "The X account of our CEO Vlad Tenev was hacked and a false memin promotion message was posted." It added that the token was not authorized. Robinhood said the account was subsequently secured.
This incident fits a disturbing pattern: high-profile accounts on X and other social media platforms were hacked to promote a miniin scam. Throughout 2024, as the mein trading boom peaked, celebrity X accounts were frequently hacked to promote fake mein, including accounts in Sydney Sweeny, Doja Cat and 50 Cent.
Meanwhile, Robinhood launched the public main network of its Ethereum Layer 2 network Robinhood Chain on July 1, positioning it as an infrastructure for tokenized stocks and other real-world assets. However, early activity was mainly dominated by speculative memo coins, so the network also attracted a large number of scams and carpet scams.
Losses continue to accumulate. A holder of the network's most well-known memin coin CashCat reportedly lost $56,000 due to a smart contract breach, while other traders described the funds disappearing the instant the transaction was confirmed.
For Tenev-who once downplayed assets that lacked practical use before later admitting that his chain "works well with memin"-the hacking incident highlights how even the mein craze can crowd out ventures built for serious transactions.
