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Caution: Robinhood’s Twitter account hacked to promote shady RBH token sale

Caution: Robinhood's Twitter account hacked to promote shady RBH token sale
Paul L.

The official Twitter account of commission-free investment platform Robinhood has suffered a possible hack, with bad actors using it to promote a fake crypto project.

The account shared a tweet on January 25 announcing the launch of a token dubbed RBH on the Binance Smart Chain (BSC), with an initial price of $0.005. A review of the token shows that details about the creator and tokenomics do not exist.

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).

Fake crypto project promoted on Robinhood’s Twitter account. Source: Robinhood

Interestingly, the announcement was made in at least two tweets that were later deleted. However, followers of the account were quick to notice the suspicious activity.

Robinhood Twitter followers’ reaction to fake crypto scam. Source: Robinhood.

Crypto project not verifiable

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.

RBH high-risk warning on Pancakeswap. Source: Pancakeswap

“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.

Elsewhere, crypto price tracking platform CoinMarketCap indicated that RBH had a total supply of about 2.9 million tokens. However, the site noted that it has not yet verified the authenticity of the token.

CoinMarketCap’s RBH warning. Source: CoinMarketCap

As of press time, Robinhood has not made any official communication regarding the incident.

It is worth mentioning that cases of crypto scammers leveraging Twitter accounts for prominent personalities and institutions have been on the rise. Recently, Finbold reported that the account of television personality Kevin O’Leary was compromised and used to promote a fake giveaway.

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