The X social media account of Robinhood Markets (NASDAQ: $HOOD) CEO Vlad Tenev has been hacked to promote a new memecoin called “Vladhood” (CRYPTO: $VLAD).
The hack was reportedly executed to promote the VLAD memecoin to investors.
Posts sent from Tenev’s account claimed that Robinhood is launching Vladhood as the “official Robinhood Chain mascot.”
The social media posts also say that the VLAD memecoin will be listed in the Robinhood app.
Robinhood Markets was quick to state that the social media posts and VLAD token are a “potential scam.”
The company has publicly confirmed that Tenev’s social media account has been compromised, adding: “We’re working with X to restore access and the post has been removed.”
The hack comes after the crypto exchange launched “Robinhood Chain” on July 1, a new venue for memecoin trading.
Less than a month old and Robinhood Chain is already processing about six million transactions a day, according to the company.
HOOD stock has declined 12% this year to trade at $101.58 U.S. per share.
