Scam Alert

Hacker Used Robinhood’s Twitter Account To Advertise Ubious RBH Token Offering

Key Points:

Robinhood’s Twitter account was hacked and used to advertise a phony cryptocurrency project.
Before the link was removed, about 10 people bought the fraudulent token, according to Blockchain Explorer data. Less than $1,000 worth of merchandise was bought in total.

Earlier on Wednesday, Robinhood’s Twitter account was hacked and used to advertise a phony cryptocurrency project.

The hackers announced the release of a new coin named $RBH, which they said could be purchased for $0.0005 on the Binance Smart Chain.

Before the link was removed, about 10 people bought the fraudulent token, according to Blockchain Explorer data. Less than $1,000 worth of merchandise was bought in total.

Looks like Robinhood’s social media was hacked.

They only got ~10 people to bite on the scam token before the link was taken down.

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

Indeed, the token’s promotional message dubbed it a revolution in decentralized finance (DeFi) and asked users to purchase RBH on the Pancakeswap decentralized exchange (DEX).

Crypto hacks accelerated rapidly in 2022, topping a total of $3 billion in total funds loss throughout the year, according to a report from Chainanalysis.

The scammy crypto project has also yet to be verified by digital asset data aggregators, who warned users to be cautious when dealing with the RBH token.

“Anyone can create a BEP20 token on Binance Smart Chain with any name, including creating fake versions of existing tokens and tokens that claim to represent projects that do not have a token. If you purchase an arbitrary token, you may be unable to sell it back,” Pancakeswap exchange warned.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.