Robinhood built a blockchain to tokenize stocks and real-world assets. Within days, someone hacked the SpaceX and Starlink X accounts to pump a memecoin on it. The memecoin then rugged.
The incident unfolded on Robinhood Chain, the company’s Layer-2 mainnet that launched on July 1, 2026. A hacker gained access to the official SpaceX and Starlink accounts on X and used them to promote a memecoin tied to the new chain. The token briefly reached a $2 million market cap before the project collapsed, wiping out buyers in the process.
What actually happened
A hacker exploited that trust to drive trading volume into a Robinhood Chain memecoin. The token’s market cap climbed to $2 million on the back of that amplified reach, then the project’s creators pulled liquidity, leaving buyers holding tokens worth essentially nothing.
Over 75% of trading volume on the chain came from memecoins in its first week. The total memecoin market cap on the chain briefly exceeded $244 million.
