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Recently, an unknown hacker took charge of Robinhood’s social platform accounts to deceive investors into buying a scam token, $RBH, which he deployed on Binance Smart Chain. Afterward, Binance exchange suspended the wallet he used for the fraudulent act. In addition, Robinhood deleted the promotional posts initiated by the hacker across all its official pages.

Robinhood Followers Lost Funds To Phishing Attack 

Phishing attacks remain among the commonest ways fraudulent actors steal unsuspecting victims’ funds. Unfortunately, Robinhood Markets recently got its fair share of fraudulent activities rampaging the crypto market.

According to multiple reports, a hacker launched a fake Robinhood coin, $RBH, on the Binance Smart Chain on Wednesday. He reportedly minted about 100 million of the RBH token.

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Afterward, he hacked Robinhood’s Twitter account and pasted the links to the fake coins on the page. The attacker then urged users to purchase the scam token via the link pasted, claiming that it belonged to Robinhood.

Furthermore, BscScan, a crypto-security firm, revealed that several innocent users already fell victim to the attack before it was curbed. About ten investors purchased $1000 worth of the scam token on Pancakeswap.

In addition, the firm stated that the hacker realized about $16,336 in wrapped BNB tokens from the sale of the scam RBH token. According to reports, he transferred his loot to a PanckeSwap liquidity pool.

Robinhood And Binance Confirmed The Hack Incident

Robinhood confirmed the incident and stated that its official Twitter was hijacked, along with its Instagram and Facebook accounts, solely to promote the scam token. In addition, Robinhood claimed the attack was carried out via a third-party platform.

The exploited firm claimed that all the deceptive posts relating to the scam activities across all its social media pages had been deleted. However, shortly after the rumors of the hack became rampant on Twitter, the Binance exchange reportedly intervened to stop the attack.

Reports indicate that Changpeng Zhao (CZ), the CEO of Binance, stated that the firm had frozen the account the hacker used for the scam. In addition, CZ reportedly urged inventors to be careful of coins deployed on its BSC platform, even if they look real.

Robinhood markets is a no-commission crypto platform that facilitates crypto assets transactions. Unfortunately, with over 1.6 million followers across all social media who trust the platform, it is only easier for the criminal to carry out the attack.

Contrary to the hacker’s claim, the crypto platform has no native token. Meanwhile, studies indicate that hackers and scam activities resulted in losing about $3.7 billion worth of crypto assets in 2022.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.