An on-chain investigation has tied a prolonged series of memecoin launches on Robinhood Chain to what analyst Wazz describes as one repeating extraction operation. On September 27, 2026, Wazz published findings linking the same suspected crew to 53 token launches over roughly two months, with at least $18.43 million directly extracted. He said the real total is likely larger because that figure covers only launches he could stitch together with on-chain evidence.
The inquiry began with unusual activity around a token called DEED. Following its funding trail led Wazz into a wider map of wallets, collection addresses and launch keys that kept reappearing. Most tokens were issued through Pons V2, the leading launchpad on the network. Wazz said nearly every launch was sniped at the open, with bundles of 70 to 200 wallets often taking 70 percent or more of supply within a second. Operators then pushed hype, sometimes using decoy contracts and fake first launches, before selling into later buyers.
Wazz said 45 of the 53 launches were connected by payments from one project’s collection wallet into the funding wallet of the next token, sometimes within seconds. Four other launches shared a private key used to fund batches of sniper wallets, and four more shared a collector address. In one published path, wallets tied to a token called DRAFT swept 179.88 ETH into a hub, which paid a hop wallet that sent 20 ETH to DEED’s funding key; sixteen seconds later that key signed DEED’s funding batch. The largest extractions were CRUMBS at about $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million.
Robinhood Chain launched on July 1, 2026 as an Arbitrum Orbit Layer 2 built for tokenized stocks and real-world assets. Its 90-day free gas period for Robinhood Wallet users ended on September 29. Daily DEX volume fell from about $1.88 billion on September 13 to near $947 million on September 28, while total value locked held at roughly $1.02 billion. Network-wide daily fees collapsed from about $8 million to $230,000 in roughly two weeks. Pons trading volume fell 37 percent to $616 million between September 10 and 16, and protocol revenue dropped from $10.7 million to $5.8 million.
Activity was driven mainly by memecoins rather than tokenized stocks. Launchpad Noxa.fun created more than 60,000 tokens in its first days before suspending token creation on July 11, citing infrastructure strain. Pons then took over and has facilitated around 646,000 launches. Tokenized real-world assets accounted for well under 1 percent of DEX volume in the chain’s first week and stayed below 10 percent through late July, though tokenized RWAs reached about $100 million in market value by early August. Deposits in Morpho and Ethena helped keep TVL elevated even as speculative turnover cooled.
StoneX and Galaxy Research offered differing views on Robinhood Chain’s durability. StoneX’s Mark Palmer attributed growth to Robinhood’s consumer brand, permissionless architecture, subsidized fees and the interplay between memecoins and tokenized equities. Galaxy Research said Robinhood’s distribution advantage remains unproven. StoneX estimates put Robinhood app users at only 1–2 percent of chain transactions. Under the Arbitrum Expansion Program, Robinhood Chain sends 10 percent of net protocol revenue to the Arbitrum ecosystem, with 8 percent to the ArbitrumDAO treasury and 2 percent to the Arbitrum Developer Guild, so fee compression reduces that flow. At its September 29 HOOD Summit, Robinhood announced in-app perpetual futures for eligible US customers on eight cryptocurrencies including Bitcoin, Ethereum, Solana and XRP, with leverage up to 10x for BTC and ETH and 3x for the others.
