Robinhood's twitter account hacked, Promoting fake RBH token

Popular investment app Robinhood’s Twitter account was hacked and used to promote a fake token allegedly created by the company.

Robinhood's twitter account hacked, Promoting fake RBH token

Robinhood is a among popular finance platforms allowing users to make investments in stock, crypto and see market updates. However, It is primarily a stock trading platform and does not have a native cryptocurrency token.

On Jan 25, Robinhood’s official Twitter account was compromised by hackers and used it to publish a tweet promoting $RBH, saying it's Robinhood’s newly minted token. The company does not have a native cryptocurrency yet however and never had plans to launch a token itself.

The token promoted by the hackers is a honeypot moreover – meaning that once it is purchased, the new owner will no longer be able to sell it or even transfer it to another wallet. Since the scam was promoted on Robinhood’s official social media account, it’s not surprising that there are hundreds of people already falling for the scam. The tweet influenced users with a lowest token price of only $0.0005 and hinted at an incoming increase in price. 

As the attacker minted fake tokens on BNB Chain, the wallet responsible for the mischief was quickly shut down by Binance’s security team. CEO CZ commented on the matter and advised the community to stay safe.

The damage seems to be small, as the post was taken offline sooner and the account responsible was locked by Binance’s security team.

Read: The $90M stolen crypto move for the first time in six year by Blockchain Bandit