Robinhood Slides After CEO's X Account Hacked to Push Scam Token

Robinhood shares fell sharply Friday, trading as low as $93 intraday before recovering some ground, after CEO Vlad Tenev's X account was compromised and used to promote a fraudulent token on Robinhood Chain. The fake token logged nearly 1,900 transactions before being flagged as a scam, with hack-linked wallets reportedly extracting about 650 ETH.

The security incident lands at a sensitive moment: Robinhood reports second-quarter earnings on July 29. Wall Street expects earnings of $0.39 per share, down about 7% year over year, on revenue of roughly $1.22 billion, which would represent 23.6% growth.

The episode is a reputational headache rather than a platform breach, but traders will be watching whether management addresses crypto security directly on next week's call.