Memecoin $1 Briefly Jumps From $500,000 to $14 Million Market Cap After Hacker Uses Stolen Robinhood Founder Wallet

A hacker used a compromised wallet linked to a Robinhood founder to drive memecoin $1 from a $500,000 market cap to $14 million before the token later crashed.

According to NS3.AI, Michael, TokenPocket’s chief business officer, said the founder’s mnemonic phrase was leaked during a live broadcast yesterday.

Michael said the stolen credentials were then used to push the token’s market capitalization sharply higher before the subsequent decline.

Robinhood’s RPC has since blocked the compromised address, according to the report.