Robinhood CEO Vlad Tenev’s X hacked to promote $VLAD – Details
In a shocking development, on the 23rd of July, hackers reportedly compromised Vlad Tenev, the CEO of Robinhood’s X account. That said, three unusual signals validated this compromise.
Arguments supporting the hijack
To begin with, a post from Tenev’s X account announced the launch of a memecoin named Vladhood ($VLAD).
Described as the “official Robinhood chain mascot” and asserting that the token would also be featured on the Robinhood app, the memecoin was quickly deemed a scam.
This happened mainly because, about two hours before Tenev’s post, ten wallets had been funded via Relay.
Additionally, within minutes, these addresses bought $VLAD, forming what the investigators referred to as a 70% ownership cluster.
Given the timing, it can be said that a coordinated group may have been aware of the launch beforehand. This is because the wallets were set up much before and had accumulated the token before the public announcement.
Additionally, within minutes after the announcement sparked buying interest, those wallets reportedly started selling their holdings—commonly known as a traditional pump-and-dump strategy.
Taken together, the pre-funded wallets, the suspicious token distribution, and the quick sell-off caused many to believe that Vlad Tenev’s X account might have been hijacked.
In fact, based on MLM’s on-chain monitoring, the attacker generated approximately $1.2 million to $1.3 million from the VLAD token, which was worth around 650 ETH.
Robinhood CEO’s clarification
Acknowledging these hijacks, and hours after recovering access to his X account, Tenev took to X and noted,
Robinhood market dynamics that acted as bait
This coincided with the release of Robinhood’s newly launched blockchain, the Robinhood Chain, which is experiencing rapid expansion and generating significant interest from investors.
According to Dune Analytics, the network has amassed over $750 million in on-chain assets since its launch earlier this month.
As evidence of the quick adoption, user activity has also increased, with the chain recording over 300,000 Daily Active Addresses and handling about 10 million transactions in a single day.
Needless to say, because of this, many market participants initially found the rise of $VLAD to be credible.
More such incidents
As expected, such attacks are not unique and have happened a lot in the past market cycles.
For instance, back in 2024, X accounts of several well-known individuals, such as 50 Cent, Doja Cat, Sydney Sweeney, and many more, were compromised to promote fraudulent memecoins.
Final Summary
- The 70% ownership cluster of the $VLAD memecoin was one of the main cues to confirm the exploit.
- $700 million in on-chain assets and 300,000 daily active addresses was why users believed the launch to be credible.
