Hacker uses stolen Robinhood founder wallet to pump and dump memecoin

A hacker who stole a Robinhood founder's wallet address used it to orchestrate a memecoin pump-and-dump scheme, according to Michael, the Chief Business Officer (CBO) of crypto wallet TokenPocket. He explained that the founder's mnemonic phrase was leaked during a live broadcast yesterday. The hacker immediately seized control of the wallet and bought a large quantity of the memecoin '$1'. Mistaking this for a purchase by the Robinhood founder, numerous investors followed suit, causing the token's market cap to soar from $500,000 to $14 million in a short period. The price of '$1' subsequently crashed. After the compromised address was frozen, the hacker moved to the BNB Chain (BSC), issued a new token, and inflated its volume through wash trading to cash out. Michael added that Robinhood's RPC has now blocked the address, and network nodes are no longer including transactions from the wallet in new blocks, effectively immobilizing any remaining funds.