A reported $18.43M pulled from 53 memecoin launches feels like a network-wide failure. The documented proof, nonetheless, sits virtually totally in token-launch mechanics, pockets funding trails, and anti-sniping exemptions on a single launchpad, not within the Robinhood Chain base layer.
Pseudonymous onchain analyst Wazz revealed a thread on Sunday alleging that one coordinated operation extracted no less than $18.43M from 53 token launches on Robinhood Chain between July 10 and September 21.
The Block reviewed the claims and confirmed the sniping sample on 10 of the listed launches, plus one of many fund flows Wazz used to hyperlink the launches. It didn’t independently replicate the $18.43M headline determine.
Wazz: 53 Robinhood Chain Token Launches Linked to Rug-Pull Operation, at Least $18.43M Extracted
On-chain analyst Wazz stated he traced 53 Robinhood Chain token launches over roughly two months to the identical rug-pull operation, which extracted no less than $18.43 million. Of the 53… pic.twitter.com/8f2URq9SCF— Wu Blockchain (@WuBlockchain) September 27, 2026
The Robinhood Chain Memecoin Growth Created the Setting for the Allegations, However How?
Robinhood launched Robinhood Chain, an Ethereum layer 2 constructed with Arbitrum’s tech stack, on July 1. Memecoins and stock-linked tokens have pushed the majority of the community’s buying and selling exercise since, with charges from the Pons launchpad pushing the chain to a document $6M in charges in a single day earlier this month.
Robinhood’s determination to subsidize gasoline prices on the chain has saved deployment low cost and constant, which is strictly what makes a 53-launch, two-and-a-half-month extraction scheme mathematically believable.
Excessive-volume, low-friction token issuance just isn’t itself proof of an exploit. It’s the terrain on which this sort of operation will get constructed.
The Proof Factors to Coordinated Launches, Not a Base-Layer Exploit
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Wazz says practically each launch on the listing was sniped for 70% or extra of provide by bundles of 70 to 200 wallets, most of them deployed via Pons V2.
The analyst linked 45 launches by tracing funds from one launch’s assortment pockets immediately into the following token’s funding pockets, 4 extra via non-public keys used to signal batch funding transactions, and one other 4 via a shared collector pockets.
CRUMBS topped the listing at $3.12M, adopted by LEGS at $2.9M and PINK at $1.44M. Wazz says two further serial deployers extracting funds from Robinhood Chain couldn’t be linked to this group, that means complete publicity throughout the ecosystem might exceed the headline quantity.
None of this establishes who was behind the wallets. Wazz’s attribution rests on transaction patterns, shared keys, recurring funding routes, and customary collector addresses, which is robust circumstantial proof of coordination however not proof of a real-world identification or obligation.
An onchain analyst ties $18.4m of extraction on Robinhood Chain to 10 Pons V2 launches whose creators exempted chosen wallets from the anti-sniping tax.
These wallets then purchased most of every provide. The tax saved everybody else out.https://t.co/pacoOI6p4d$PONS pic.twitter.com/BX4u0Qg0Yj— The Pond Road Ledger (@ThePondStreet) September 28, 2026
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How Pons V2’s Anti-Sniping Mechanism Was Used on Robinhood Chain
Pons V2 sells new tokens alongside a bonding curve and, per its personal documentation, expenses a 99% snipe tax on buys within the first seconds after launch, falling to zero inside about 5 seconds.
Creators can waive that tax by bundling opening buys throughout as much as 32 wallets, a official function for coordinated launches that turns into a legal responsibility the second it’s abused.
In 9 launches from late August onward reviewed by The Block, creators exempted 15 to 25 wallets from the tax, and a single transaction one to a few blocks later purchased tokens for each one in every of them directly.
That transaction emptied the bonding curve and pushed the token straight right into a Uniswap v4 pool, leaving the creator and exempt wallets holding 82% to 86% of provide earlier than public patrons had an opportunity.
All 9 opening buys ran via one unverified contract created on August 28. Of the 53 launches on Wazz’s listing, 25 used it. Wazz described it as a industrial bundling device with many unrelated customers.
A looser model of the identical sample appeared earlier, on August 12, when EQUITY’s creator exempted 31 wallets, and 21 of them purchased inside a couple of second of launch, leaving the group with 65.7% of the availability.
DEED Exhibits How One Launch’s Proceeds Might Fund One other
The fund-flow investigation facilities on DEED, which Wazz claims initiated the inquiry. On September 14, 98 wallets holding the sooner token DRAFT transferred 179.88 ETH to at least one tackle in below three seconds, then moved it to a different pockets beginning with 0x9d06.
On September 21, this pockets routed funds to a pockets starting with 0xf268, which despatched 15.98 ETH to 50 addresses, together with DEED’s creator and different exempt wallets. DEED launched 40 minutes later, with these wallets holding 86% of the availability.
The Block tracked the sale of 130.75 ETH from 92 wallets funded via 0xf268 and a further 69.06 ETH in creator charges, totaling round 199.8 ETH (roughly $535,000). Wazz’s rely reveals barely completely different totals on account of various pockets inclusion, estimating 228.92 ETH for DEED after changes.
On September 24, the 0x9d06 pockets deposited roughly 86.5 ETH into the Relay bridge, changing it to about 231,000 DAI and holding most funds in ETH, which is tough to freeze.
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