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Meme coin $1 briefly hits $14 million after wallet phrase leak

Meme coin $1 briefly hits $14 million after wallet phrase leak

Token Pocket Chief Business Officer Michael said an exposed wallet recovery phrase tied to Robinhood co-founder Vlad Tenev let an attacker exploit copy-trading behavior before activity shifted to BNB Chain.

BNB

Fact Check
The originating X post by @0xMichael (Token Pocket CBO) explicitly states the hacker used the compromised Robinhood founder address to buy the $1 token, briefly pushing market cap to 14M, matching the claim's '$14 million' figure and the BNB Chain shift. PANews, BlockBeats, Odaily, and Phemex all reproduce these details consistently. The claim's core facts (mnemonic leak on livestream, hacker wallet control, $1 token peak of $14M, subsequent BNB Chain activity) are directly supported. Confidence is medium rather than high because all reporting traces to a single originator (Michael) and there is no independent on-chain confirmation or statement from Robinhood/Vlad Tenev in the sources found.
Summary

Meme coin $1 briefly surged after a wallet tied to Robinhood co-founder Vlad Tenev was compromised when its mnemonic phrase was exposed during a livestream, according to Token Pocket Chief Business Officer Michael. He described the episode as an error rather than a hack, saying the attacker used the seized address and related wallets to buy the token, prompting thousands of traders tracking large wallets to pile in. The market value jumped from about $500,000 to $14 million before dropping sharply, while trading volume topped $20 million in roughly two hours. Michael said Robinhood’s RPC service later blocked the hacked address, limiting further wallet activity, but traders who bought near the peak were still exposed to losses. He added that the attackers then shifted to BNB Chain, launched another token and used wash trading to inflate activity before cashing out. Bitget, citing the same account, described the incident as a coordinated pump-and-dump scheme.

Terms & Concepts
  • mnemonic phrase: A sequence of recovery words that gives access to a self-custody crypto wallet.
  • RPC service: Infrastructure that relays wallet transactions to blockchain nodes for processing.
  • wash trading: Buying and selling the same asset to create a misleading appearance of demand or volume.