Twitter Users Spot Crypto Scam Tweet on Verified Robinhood Account, Company Removes Post

According to multiple sources, the Twitter account of Robinhood was allegedly hacked on Wednesday, Jan. 25, 2023. The account posted a tweet promoting a Binance Smart Chain token listed on the Pancakeswap decentralized exchange. An analysis of the situation on the blockchain shows that the token received fewer than $1,000 in purchases before Robinhood removed the tweet.

Onchain Analysis Reveals Limited Impact of Scam Tweet Shared by Robinhood’s Twitter Account

On Wednesday afternoon around 12:30 p.m. Eastern Time, Twitter users were discussing how Robinhood’s verified Twitter account, @Robinhoodapp, which carries a gold checkmark, posted a scam tweet. Robinhood has since deleted the tweet, but it can be viewed via an archive.org snapshot and the various screenshots being shared on Twitter.

The tweet read: “Reminder, we are launching our NEW TOKEN ($RBH) on the Binance Smart Chain. Will be live at 12 AM EST. You can be among the first to buy at a starting price of $0.0005.” The tweet, which originated from the @Robinhoodapp account, also included a link to the Pancakeswap platform, where the Binance Smart Chain (BSC) token is listed.

“Oh my God,” one Twitter user wrote on Wednesday. “Robinhood’s Twitter account has been hacked. They are posting links for a crypto giveaway sh**. Nobody is safe in this world,” the individual added. “Robinhood’s official Twitter account appears to have been hacked,” another account remarked on Twitter.

Conor Grogan, an employee at Coinbase who tweets about onchain movements as a hobby, also tweeted about the scam. “Looks like Robinhood’s social media was hacked,” the onchain researcher noted on Twitter. “They only got ~10 people to bite on the scam token before the link was taken down.” Grogan added:

So far the token has only seen [less than] $1000 in purchases. I imagine people crowding in now saw the volume spike and are looking for a thrill.

The @Robinhoodapp Twitter account has not yet tweeted about the issue or confirmed whether or not the account was hacked. The account has a total of 1.1 million followers on the social media platform. This story is developing and may be updated at a later time.

What do you think should be done to prevent such incidents of hacking and scamming on social media platforms? Share your thoughts in the comments below.