Robinhood said its CEO Vlad Tenev’s X account was briefly hacked on Thursday after attackers used his verified profile to promote a fake memecoin, in the latest scam to exploit high-profile social media accounts to lure crypto investors.
The now-deleted post promoted a token called Vladhood (VLAD), claiming it was the “official mascot of Robinhood Chain.” It also falsely stated that the token would soon be listed on the Robinhood app, an apparent attempt to make the project appear legitimate by using Tenev’s account.
Robinhood quickly distanced itself from the token. “Our CEO Vlad Tenev’s X account was compromised and posted a fake promotion for a meme coin,” the company’s communications team said in a statement.
It added that the token was not affiliated with Robinhood in any way and confirmed that Tenev’s account had since been secured.
Robinhood flags fake VLAD token
To further protect users, Robinhood’s blockchain explorer flagged the token’s contract address as a potential scam, warning people not to interact with it.
The incident is the latest in a long line of crypto scams involving compromised social media accounts.
Hackers have increasingly targeted verified accounts belonging to celebrities, executives and public figures, using their credibility to promote newly created memecoins before investors realize the posts are fake.
The timing is particularly notable because it comes just weeks after Robinhood launched the public mainnet of Robinhood Chain, its Ethereum layer-2 blockchain network.
The company introduced the network as infrastructure for tokenized stocks and other real-world assets, positioning it as a bridge between traditional finance and blockchain technology.
But much of the activity on the chain so far has centered on memecoins rather than tokenized financial assets.
Robinhood sees early wave of memecoin scams
Several projects launched on Robinhood Chain have already been linked to alleged rug pulls and malicious smart contracts. One trader reportedly lost around $56,000 after interacting with CashCat, one of the network’s most popular memecoins, while other users have reported funds disappearing immediately after token swaps.
The episode highlights how quickly fraudsters move to capitalize on excitement around new blockchain ecosystems.
For Robinhood, it also creates an unwelcome distraction as the company tries to build credibility in the fast-growing market for tokenized assets.
Tenev has previously emphasized that blockchain technology should be used for practical financial applications rather than purely speculative tokens. At the same time, he has acknowledged that Robinhood Chain is flexible enough to support memecoins as well.
The hack underscores the risks that continue to surround the sector, even as larger financial companies expand into digital assets.
It also serves as another reminder for crypto users to be cautious, even when announcements appear to come from verified accounts. Scammers increasingly rely on compromised profiles to create a false sense of legitimacy, making it important for investors to verify information through official company channels before buying newly launched tokens.
