Robinhood X hack promotes fake memecoin scam

• Robinhood Markets (NASDAQ:HOOD) said its chief executive's X account was hacked to promote a fake memecoin.
• The fraudulent post claimed Robinhood had launched a token on the Base blockchain before it was removed.
• The incident highlights ongoing security risks from social media scams targeting crypto users.

Robinhood Markets confirmed that Chief Executive Officer Vlad Tenev's X account was hacked and used to promote a fake Robinhood token on the Base blockchain.

The fraudulent post claimed Robinhood had launched the token and included a contract address, but the company quickly confirmed the announcement was false.

Robinhood removed the post after regaining control of the account, while blockchain data showed the fake token briefly attracted trading activity before losing most of its value.

Crypto scammers have increasingly targeted verified social media accounts to promote fake token launches and steal funds from investors.

Robinhood has expanded its cryptocurrency business in recent years, but the company said it has not launched an official blockchain token.