In the latest cyber attack, Robinhood CEO Vlad Tenev’s X account has been compromised, which was also confirmed by the official Robinhood team a few minutes ago.
Robinhood Comms stated in the post on X that “Our CEO Vlad Tenev’s X account was compromised and posted a fake promotion for a meme coin. We’re working with X to restore access and the post has been removed.”
Hacker Promotes Fake Robinhood Chain Mascot Token
As per the incident, a hacker has tried to deceive Vlad Tenev’s followers by promoting fake memecoin tokens. In the fake post, the hacker promoted Vladhood ($VLAD) as the official Robinhood chain mascot.
The fake post was also fabricated with false promises related to its expansion on the newly launched Robinhood Chain. “More importantly, we believe this is another step toward bringing more attention to Robinhood Chain, which remains our primary focus for Q3 and Q4,” stated in the post.
Memecoin Trend Boosts On-Chain Activities on Robinhood Chain
Robinhood Chain, the Layer 2 blockchain launched on July 1, is seeing massive growth, which mainly comes from memecoin trading. It is a surprising turn for a network designed mainly for real-world assets and tokenized stocks, but speculative assets like memecoins have boosted the chain’s TVL ahead of more established competitors in major areas.
The biggest memecoin trend so far is Cashcat, a memecoin inspired by Robinhood’s original “Cash Cat” mascot. CASHCAT has triggered massive capital inflow on the chain as it surged hundreds of percent and even hit more than 1,000% at times. However, this speculation is slowly fading away, and it is now witnessing a sharp downfall. In the last 7 days, CASHCAT price has lost around 50% due to a massive sell-off. At the time of writing, CASHCAT is trading at around $0.04245 with a market capitalization of $42.45 million, according to CoinMarketCap.
However, the memecoin trend on Robinhood Chain led to trading on the chain with tens of millions in daily volume and thousands of active traders. Vlad Tenev said, “While we’re building Robinhood Chain to be the best chain for RWA … it works great for memes too.” The integration of Pump.fun also made it easier for creators to launch new tokens on the network.
The memecoin trend on the Robinhood Chain has helped it to outperform Base in daily active users, hitting about 324,000 DAUs while Base lagged behind on key days. Apart from this, transactions have also reached millions per day. Its DEX volume has also created records after crossing $800 million in a single day.
Tokenized stocks are also becoming a major stream of growth on the Robinhood Chain. According to on-chain metrics, the daily net shares tokenized hit a record high of 141,120, along with daily tokenized stock holders of around 37,520. The blockchain network is witnessing a growth in the demand for round-the-clock trading of assets like Nvidia, Tesla, and Apple through Stock Tokens. According to rwa.xyz, the Distributed Asset Value on the blockchain is currently revolving around $20.48 million.
Apart from this, total value locked has soared above $308 million in the new all-time high, according to DeFiLlama. This surge in on-chain volume is supported by stablecoins and DeFi partnerships like Morpho lending.
Robinhood Chain is an open, Ethereum-compatible Layer 2 that runs on ETH for gas. It is using Arbitrum technology to achieve block times of around 100ms. While memecoins are playing a major role in the current on-chain activity and active users, the tokenized securities are also growing steadily.
Amid the growing regulatory clarity and institutional adoption of RWAs, the distributed volume of tokenized stocks has soared above $1.92 billion. Robinhood already has a vast user base present in more than 120 countries through its Web3 wallet. This is expected to make the network one of the leading blockchain networks for tokenized stocks in the upcoming time.
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