BNB

Robinhood Promotes Scam Token on BNB Chain via Twitter

Robinhood continues to find ways to tarnish its crypto reputation as $16k is lost in latest scam.

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January 26, 2023

Robinhood Scam on Twitter

The Twitter account for disgraced financial institution Robinhood promoted a scam token called RBH on BNB Chain Wednesday, January 25.

The erroneous post, presumed to be a hack, appeared on Robinhood, reminding users that a new token would launch on Jan. 25 at noon Eastern Time. The move was quickly deemed a scam by many users on Crypto Twitter, even prompting Binance CEO, Changpeng Zhao, to tweet about the event.

Looks like Robinhood account got hacked and was promoting a coin on BNB Chain. Always have critical thinking even is the account looks or is real. https://t.co/XSwHIVdEdw
— CZ 🔶 Binance (@cz_binance) January 25, 2023

Only around $16,000 USD was pumped into the scam token before Robinhood could take the tweet down and announce the exploit. However, this could have been much worse.

“We’re aware of the unauthorized posts from Robinhood Twitter, Instagram, and Facebook profiles, which were all removed within minutes,” Robinhood said in a blog after the event. “[B]ased on our ongoing investigation, we believe the source of the incident was via a third-party vendor.”

The latest episode between Robinhood and BNB Chain is a strong reminder to be vigilant and Do Your Own Research (DYOR).

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.