The official Twitter account of Robinhood Markets Inc. (NASDAQ:HOOD) was compromised by hackers on Wednesday who used it to promote a fraudulent cryptocurrency project.

The hackers announced the launch of a new token called $RBH, claiming it was available for purchase on the Binance Smart Chain for a low price of $0.0005.

Data from Blockchain explorer showed a small number of individuals, around 25, had bought the scam token before the link was removed.

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The total amount of money spent on the fake token was under $8,000. Following the hack, some Twitter users reported seeing transactions being sent to the fake account through Binance Hot Wallets.

Binance CEO Changpeng "CZ" Zhao acknowledged the hack and announced that the company's security team had locked the account while it investigates the situation further.

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Photo: Elnur via Shutterstock