An onchain investigation by pseudonymous analyst Wazz has linked 53 token launches on Robinhood Chain to a single suspected rug-pull operation that extracted at least $18.43 million over roughly two months. The findings were published on X on September 27, and The Block confirmed 10 of the launches onchain as well as one of the fund flows used to connect them, though The Block did not independently replicate the full $18.43 million total.
According to Wazz, nearly every launch was sniped for 70% or more of its supply by bundles of 70 to 200 wallets, with most tokens launched through Pons V2, the leading launchpad on Robinhood Chain. Wazz linked 45 launches by tracing payments from one launch's collection wallet to the next token's funding wallet. Four more were linked through private keys used to sign batch funding transactions, and another four through a shared collector wallet. The largest extractions were CRUMBS at $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million.
Wazz said creators waived Pons V2's anti-sniping tax for team bundling across multiple wallets, allowing opening buys to empty the bonding curve and push tokens into Uniswap v4 pools. In nine launches from late August onward, The Block's analysis found creator and exempt wallets ended up holding 82% to 86% of supply. A single unverified contract created on Aug. 28 was used for opening buys in 25 of the 53 launches; Wazz said it belongs to a commercial bundling tool with many unrelated users.
The investigation began with the DEED token. Onchain records reviewed by The Block showed that 98 wallets that had held DRAFT sent a combined 179.88 ETH to a single address, which later funded wallets tied to DEED's launch. Wallets funded for DEED sold into its Uniswap pool and received about 130.75 ETH, while DEED's creator pulled about 69.06 ETH in fees, totaling roughly 199.8 ETH against the 228.92 ETH Wazz listed for DEED. Most proceeds are sitting in ETH, which Wazz noted cannot be frozen.
Robinhood launched Robinhood Chain, an Ethereum layer 2 built with Arbitrum's technology, on July 1. The permissionless network has attracted memecoin and stock-linked token activity, and fees from Pons drove Robinhood Chain to a record $6 million in a single day earlier in September. A separate Bitquery report estimated that around 26,000 wallets generated $322.5 million of suspected wash-trading volume across eight Robinhood Chain memecoins between Aug. 24 and Sept. 22, with 99.8% of that trading appearing artificial. No individuals behind the wallets have been publicly identified, and the onchain findings do not by themselves establish criminal liability.
