MENLO PARK, Calif. (Diya TV) — Robinhood CEO Vlad Tenev’s account on X was briefly hacked on July 23, leading to a fake cryptocurrency promotion that quickly spread across social media. The hackers used Tenev’s verified profile to advertise a memecoin called Vladhood, or VLAD. They falsely claimed the token had official ties to Robinhood and would soon appear on the company’s trading platform. As a result, the token’s value surged before collapsing after Robinhood warned users that the promotion was a scam.
The incident once again showed how cybercriminals use trusted social media accounts to target crypto investors. Instead of attacking trading platforms, scammers often exploit high-profile accounts to create false trust. As a result, many investors rush to buy tokens before verifying the claims.
The fake post described Vladhood as the “official Robinhood Chain mascot.” It also included the token’s contract address and urged users to purchase the newly launched cryptocurrency. In addition, the message falsely claimed Robinhood planned to list the token on its platform soon. Those claims quickly attracted attention from traders looking for the next popular memecoin.
However, Robinhood acted quickly. The company confirmed through its official X account that hackers had gained access to Tenev’s profile. It also said it was working with X to restore the account. At the same time, Robinhood warned users that Vladhood appeared to be a potential scam. Furthermore, the company stressed that it had no connection to the token and had never endorsed the project.
The timing of the attack made the scam appear more convincing. Earlier this year, Robinhood introduced Robinhood Chain, a blockchain platform designed to expand the company’s cryptocurrency services. Because of that recent launch, the hackers appeared to link Vladhood to the new platform in an effort to gain investor confidence. Even so, Robinhood said the token had no relationship with Robinhood Chain.
Blockchain data showed that trading activity increased almost immediately after the fake post appeared. Investors rushed to buy the token, driving its estimated market capitalization to nearly $10 million within a short period. Soon afterward, Robinhood removed the misleading post and issued its warning. Consequently, the token’s value dropped sharply and fell below an estimated $5 million.
Even after the warning, Vladhood continued trading on decentralized cryptocurrency markets. Unlike traditional financial assets, blockchain-based tokens often remain available after promotional content disappears. Therefore, traders could still buy and sell the token despite Robinhood’s public statement.
On-chain analytics also suggested that several wallets identified as insiders earned more than $1 million during the token’s rapid rise. However, there is no public evidence linking those wallets directly to the people who compromised Tenev’s account. Investigators have not announced any confirmed suspects, and officials have not released additional details about the breach.
The incident reflects a growing pattern across the cryptocurrency industry. In recent years, hackers have increasingly targeted verified social media accounts that belong to executives, celebrities, and well-known organizations. Once they gain access, they often promote fake cryptocurrencies or fraudulent investment opportunities. Their goal is simple. They create excitement, attract buyers, and then profit while prices remain high.
