In a disconcerting turn of events, reports have emerged stating that the official Twitter page of Robinhood, the prominent crypto investment platform, fell victim to a malicious hacking incident, with hackers seizing control of the account to propagate a deceitful token. This incident unfolded on Wednesday, January 25th, when the hackers brazenly disseminated a tweet endorsing a novel token named “RBH” on the esteemed Binance Smart Chain. Astonishingly, this fraudulent token was initially priced at a meager $0.005. Regrettably, it soon became apparent that this token was an elaborate ruse, as purchasers were impeded from either selling or transferring their acquired assets.

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Although the fraudulent tweets were subsequently removed, approximately ten users had already procured tokens worth $1000 prior to their removal. Disturbingly, reports have surfaced indicating that other social media profiles affiliated with Robinhood also fell prey to these cyber attackers. An astute internet sleuth named ZackXBT unveiled evidence of the perpetrators’ activities by sharing a Binance Smart Chain scan, which revealed their successful pilfering of 26,955 BNB tokens amounting to approximately $8,200. ZackXBT identified the associated wallet as residing on Binance, prompting Changpeng “CZ” Zhao, the CEO of Binance, to announce the immediate suspension of the account pending comprehensive investigations.

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Robinhood reacted to the situation, saying,

We’re aware of the unauthorized posts from Robinhood Twitter, Instagram, and Facebook profiles, which were all removed within minutes. At this time, based on our ongoing investigation, we believe the source of the incident was via a third-party vendor.

Seizing the opportunity, Changpeng Zhao proffered valuable advice to users, urging them to exercise perpetual vigilance, even when encountering seemingly genuine accounts. The rise of Twitter-based scams has been an alarming trend since the previous year. Hackers who specialize in promoting counterfeit cryptocurrencies or projects exploit compromised Twitter accounts to disseminate tweets containing malevolent links capable of inducing phishing attacks or facilitating malware downloads. These scams frequently rely on alluring enticements, such as the offer of free cryptocurrencies, to deceive unsuspecting users into making ill-advised payments.

Notably, in 2020, cybercriminals managed to breach Twitter’s security measures, assuming the identities of notable individuals including former US President Barack Obama and then Vice President Joe Biden. Federal investigators revealed that this audacious attack resulted in losses totaling $117,000 in Bitcoin. However, the culprits responsible for this reprehensible act were ultimately apprehended and brought to justice.

The incident unfolded like a digital thriller, with cybercriminals exploiting weaknesses within Twitter’s security infrastructure to gain unauthorized access to the accounts of influential figures. This breach allowed them to post misleading and manipulative messages, designed to deceive and defraud unsuspecting users. By leveraging the trust and credibility associated with these well-known personalities, the hackers sought to maximize the impact of their illicit activities.

The breach of Twitter’s security in 2020 and the subsequent impersonation of prominent individuals cast a shadow of doubt over the online realm. However, the swift response from authorities and the successful resolution of the case offer a glimmer of hope. They serve as a testament to the resilience of the digital community and the determination to maintain a safe and secure environment for users worldwide.

Arslan Butt
Analyst | + posts

Meet Arslan, a highly skilled live webinar speaker and derivatives analyst with a wealth of experience in cryptocurrency, forex, commodities, and indices. Arslan holds an MBA in Finance and an MPhil in Behavioral Finance, which makes him an expert in evaluating financial data and investment trends.

Arslan is passionate about helping beginners navigate the complex world of finance and investments. He excels in technical analysis, fundamental analysis, and can guide investors to make informed decisions on how to strategize their investment selection.

As a cryptocurrency and forex trader for several years, Arslan has developed a deep understanding of these markets, with a particular focus on cryptocurrency price predictions and forecasting. He has previously worked on a brokerage firm’s forex and cryptocurrency trading team, managing the risk associated with client exposure.

Arslan’s main fields of expertise are trading psychology, speculative positioning, market sentiment, and price action analysis. He is a regular contributor to leading publications such as Business2Community, Bitcoin WisdomCryptoNewsForexCrunchFX LeadersInsideBitcoins, and EconomyWatch.

Whether you are a seasoned investor or a beginner, Arslan’s expertise in financial analysis and investment strategies can help you make the most of your investments.