After Robinhood CEO Vlad Tenev's X account was hacked, the hackers posted content promoting a fake Vladhood token, presenting it as the "official mascot" of the Robinhood Chain. The posts also falsely claimed that the token would be launched on the Robinhood app, attempting to bolster credibility by leveraging Tenev's verified account.

Robinhood launched its public mainnet for its Ethereum Layer 2 network, Robinhood Chain, on July 1st, focusing on tokenized stocks and other real-world asset infrastructure. However, in the initial launch period, on-chain activity was dominated by speculative meme tokens, which attracted more scams and rug pulls.

On-chain losses have occurred.

The report states that a holder of CashCat, the most popular meme coin on Robinhood Chain, lost $56,000 due to a smart contract breach, and another trader claimed that funds disappeared immediately after the exchange was confirmed.

Early-stage risk spillover of new chain

This incident once again exposes that the meme coin craze is encroaching on on-chain projects originally intended for serious transactions. For Tenev, this type of risk is no longer just market noise, but a real problem directly affecting the early image of the new chain.