Blockchain data reveals that the Ethereum wallet distributing Robinhood’s OpenAI stock tokens was previously used by a digital collectibles trader who minted a ‘Desperate Ape Wife’ NFT. This discovery has sparked questions about the legitimacy and oversight of the brokerage’s tokenized stock program.
The wallet in question has been distinctly connected to a FriendTech account owned by Seonge Lee, identified as a Robinhood product manager. This linkage casts doubt on the operational protocols governing Robinhood’s token distribution framework.
The controversy comes after Robinhood launched ‘stock tokens’ targeting European customers, which featured OpenAI and SpaceX among its offerings as part of a promotional initiative. OpenAI has explicitly denied any partnership with Robinhood, stating it neither approved nor authorized the tokenization of its private stock.
Despite the legitimacy concerns, Robinhood shares rallied to unprecedented highs following encouraging remarks by Paul Atkins, former SEC Chair, regarding the brokerage’s growth strategy. Atkins endorsed Robinhood’s efforts to innovate within financial markets.
This incident underscores persistent friction points in merging traditional equity markets with blockchain-based private market solutions, particularly around compliance and verification mechanisms.