By cryptoadmin Robinhood (HOOD) CEO Vlad Tenev's X account was compromised on Thursday and used to promote a fake memecoin as traders have piled into tokens on the brokerage's recently-launched blockchain network.
The now-deleted post introduced a token called Vladhood ($VLAD) as the "official Robinhood chain mascot" and falsely claimed it would be listed in the Robinhood app. It included a blockchain wallet address and described the token as part of the company's focus on Robinhood Chain.
"Does Robinhood love memes? The answer is yes," the post read.
Robinhood later confirmed the account had been hacked.
"Heads up: Our CEO Vlad Tenev's X account was compromised and posted a fake promotion for a meme coin," the company said through its communications account on X. "We're working with X to restore access and the post has been removed."
The incident came as Robinhood's newly launched blockchain has become a hotbed of speculative trading.
Since debuting earlier this month, the network has attracted more than $700 million in assets across stablecoins, tokenized stocks and memecoins, according to a Dune dashboard created by Entropy Advisors. The blockchain has also surpassed 300,000 daily active addresses and processed roughly 10 million transactions in a single day, the dashboard shows.
The rapid growth in activity has also fueled a wave of new memecoins attempting to capitalize on the chain's rising popularity.