Robinhood Twitter account allegedly hacked to promote fake token

Robinhood’s Twitter account has been allegedly hacked. The malicious actors behind the alleged cyberattack used Roinhood’s official account to promote a scam disguised as an official token launch.

The alleged tweets made from the trading platform’s compromised account linked to a Pancakeswap listing, where users could purchase the token, which was named RHB.

The fraudulent tweets promoting RHB, the token peddled as Robinhood’s official token, have since been deleted.

Although the tweets received ten thousand views, many in the comment section were quick to point out that the announcement was, in fact, a scam, and onchain data confirmed that very few people fell for the fake announcement, as users bought less than $1,000 worth of RHB.

Shortly after the misleading announcement made from Robinhood’s account, a Twitter user, ZachXBT, pointed out that the scam was funded through the Binance exchange. Changpeng Zhao, CEO at Binance, quickly addressed the issue, stating that the account has been locked and further investigations will ensue.

Given the decentralized nature of Pancakeswap, any token issued on the supported blockchains can be found and traded without supervision or a diligence process. The hackers took advantage of this exploit shortly after Robinhood’s web3 wallet launch just five days ago.