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Robinhood Faces Backlash Over Fake OpenAI Stock Tokens as HOOD Shares Dip
Robinhood Faces Backlash Over Fake OpenAI Stock Tokens as HOOD Shares Dip
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BTCCSquare news:
Robinhood's European crypto venture stumbled out of the gate as tokenized OpenAI shares sparked controversy, sending HOOD stock down 1.67% in premarket trading. The trading platform's attempt to bridge traditional equities with blockchain drew immediate skepticism when OpenAI publicly distanced itself from the initiative.
The EU-exclusive offering, which included SpaceX tokens and promotional giveaways totaling $1.5 million, exposed regulatory fault lines in crypto-equity hybrids. Vlad Tenev's framing of the MOVE as 'an early step toward something bigger' failed to quell concerns about the tokens' legitimacy after Wu Blockchain revealed they represented no actual equity.
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