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Robinhood confirms Twitter hack that promoted fraudulent crypto token


cryptoslate.com 25 January 2023 18:55, UTC
Reading time: ~2 m

Robinhood confirmed that several of its social media accounts were breached earlier today in a statement emailed to CryptoSlate on Jan. 25.

A company representative said:

We’re aware of the unauthorized posts from Robinhood Twitter, Instagram, and Facebook profiles, which were all removed within minutes. At this time, based on our ongoing investigation, we believe the source of the incident was via a third party vendor.

The company did not state which vendor may have been responsible.

The unauthorized breach saw Robinhood’s official account promote a Binance Smart Chain-based token called $RBH. Though that token exists on-chain, it has no official relationship with Robinhood and appears to exist solely for use in today’s scam.

Although $RBH has no value itself, the address that appears to be responsible for the scam holds approximately 25.3 BNB ($7,750). Given that the account was created earlier today, it is likely that this amount was earned entirely through the Robinhood scam.

$RBH’s token contract indicates that just 61 addresses hold the fraudulent token.

Binance CEO Changpeng Zhao commented on the incident. He said that Binance has locked an account connected to the scam and is investigating the matter.

Robinhood allows users to trade and use cryptocurrency — including through its recently-launched self-custody wallet — but has not issued any crypto token of its own.


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