In the latest cyberattack, the X account of Robinhood CEO Vlad Tenev was hacked, which was also confirmed by the official Robinhood team a few minutes ago.
Robinhood Comms reported on mail “Our CEO Vlad Tenev’s X account was hacked and posted a fake meme coin promotion. We are working with
Hacker promotes fake Robinhood chain mascot code
According to the incident, one of the hackers tried to deceive Vlad Tenev’s followers by promoting fake memecoin tokens. In the fake post, the hacker promoted Vladhood ($VLAD) as the official mascot of the Robinhood chain.
The fake post was also fabricated with false promises regarding its expansion of the newly launched Robinhood chain. “More importantly, we believe this is another step toward bringing more attention to the Robinhood series, which remains our primary focus for the third and fourth quarters,” the post read.
Memecoin trend boosts on-chain activities on Robinhood chain
Robinhood series, Layer 2 The blockchain technology, which was launched on July 1, is experiencing tremendous growth, which mainly comes from memecoin trading. This is a surprising shift for a network primarily designed for real-world assets and tokenized shares, but speculative assets such as memcoins have boosted the chain’s TVL ahead of more established competitors in key areas.
The biggest memecoin trend to date is Cashcat, a memecoin inspired by Robinhood’s original mascot “Cash Cat.” CASHCAT has led to a massive capital influx on the chain, rising by hundreds of percent and even reaching over 1,000% at times. However, this speculation is slowly fading, and is now seeing a sharp decline. In the past seven days, CASHCAT price has lost about 50% due to heavy selling. At the time of writing, CASHCAT’s trading price is at a near level $0.04245 With a market capitalization of $42.45 million CoinMarketCap.
However, the memecoin trend on the Robinhood chain has led to on-chain trading with a daily trading volume of tens of millions and thousands of active traders. Vlad Tenev He said“,”While we’re building the Robinhood Chain to be the best chain for RWA…it works great for memes tooThe Pump.fun integration also made it easier for creators to launch new tokens on the network.
The memecoin trend on the Robinhood chain helped it overtake Base in number of daily active users, reaching around 324,000 DAU while trailing Base on key days. Apart from this, transactions have also reached millions daily. Its decentralized trading volume also set records after surpassing $800 million in a single day.
Tokenized shares have also become a major source of growth for the Robinhood chain. According to on-chain metrics, net daily tokenized shares have reached a record high of 141,120, with daily tokenized share holders numbering approximately 37,520. The blockchain network is seeing a growth in demand for around-the-clock trading of assets such as Nvidia, Tesla, and Apple through Stock Tokens. according to rwa.xyzThe value of assets distributed on the blockchain is currently approximately $20.48 million.
Apart from this, the total value locked has risen to over $308 million in a new all-time high, according to DeFiLlama. This increase in on-chain volume is supported by stablecoins and DeFi partnerships such as Morpho Loans.
Robinhood Chain is an open, Ethereum-compatible second layer that runs on ETH for gas. It uses Arbitrum technology to achieve block times of around 100 ms. While memcoins play a major role in current on-chain activity and active users,… Token securities It is also growing steadily.
Amid increased regulatory clarity and institutional adoption of RWAs, the distributed volume of token shares has risen to over $1.92 billion. Robinhood already has a broad user base present in over 120 countries through its Web3 wallet. This is expected to make the network one of the leading blockchain networks for token stocks next time.
