Robinhood is a platform known for its user-friendly approach to stocks, which allows them to quickly make investments in a variety of ways. It also enables them to buy cryptocurrencies and is a household name among these investors.
However, Robinhood is primarily a stock trading platform, and as such does not own a proprietary cryptocurrency. That didn’t stop bad actors from pretending to do it.
The official account has been hacked
Yesterday, an unknown bad actor took control of Robinhood’s official Twitter account and used it to post a now-deleted tweet announcing $RBH, the newly purported Robinhood token. The company does not own the original cryptocurrency and has never mined the token itself. Alternatively, investors can stake their claim on the platform by buying NASDAQ-listed HOOD shares.
Robinhood’s social media seems to have been hacked
They only made 10 people bite the scam code before removing the link.
So far only seen the token pic.twitter.com/qladVaSzrI
– Connor (@jconorrogan) January 25, 2023
Additionally, according to Blockchain Security Research Tools, the token is moot — meaning that once purchased, the new owner will not be able to sell it or even transfer it to another wallet.
Generally, this type of attack is carried out by a bad actor impersonating a well-known person or platform and as a result it is easy to detect.
But since the Robinhood Verified scam has been popularized on social media, it’s easy to see why more people will fall for the bait.
FOMO tactics have been used
Urging users to rush in and buy before the bad actor’s account gets locked out, the tweet enticed customers with a low token price of just $0.0005 and hinted at an upcoming upcoming launch. Fortunately, the damage appears to be minor, as the post has been taken offline and the account manager has been taken down by Binance’s security team.
Also, it’s hard to tell if the few people who bought the token were real investors who were taken in by scams or trading bots like the one Avraham Eisenberg rigged in a follow-up joke to that on Mango Markets.
Since the attacker mined his tokens on the BSC, the wallet was quickly liable for harm turn it off By the Binance Security Team.
CZ also commented on the matter, advising the community to stay safe and use their best judgment when purchasing a token, even if it appears to be completely legitimate.
Robinhood’s account appears to have been hacked and has been promoting a coin on the BNB chain. Always think critically even if the account seems real or real. https://t.co/XSwHIVdEdw
– Czechoslovakia Binance (cz_binance) January 25, 2023
So far, Robinhood has not made any official statement on the matter.
Robinhood’s Twitter Hacked, which was used to promote the scam token, appeared first on CryptoPotato.