BlockBeats News, July 13th, Chief Business Officer of Token Pocket, Michael, stated in a post that the mnemonic phrase of Robinhood's founder was leaked during his livestream. Hackers gained control of the address and used it, along with associated addresses, to heavily buy the Meme coin $1. This action attracted thousands of investors to follow suit, rapidly raising the token's market value from about $500,000 to $14 million in a short period of time.

Subsequently, the price of the $1 token saw a significant drop, with trading volume reaching about $20 million in just two hours. After the related address was frozen, the hacker quickly moved to the BNB Chain (BSC), issued new tokens using that address and its associated addresses, and generated trading activity through wash trading, ultimately cashing out.

Robinhood's RPC has since frozen the address, and nodes do not allow transactions originating from the address to be included in blocks, preventing transfers and trading.