A single operation may have extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain in just over two months, according to an onchain investigation by pseudonymous analy
A single operation may have extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain in just over two months, according to an onchain investigation by pseudonymous analyst Wazz.
The alleged activity ran from July 10 through Sept. 21 and largely centered on Pons V2, a token launchpad on Robinhood Chain. Wazz linked the launches through wallet-funding patterns, shared collector addresses and, in several cases, private keys used across multiple launches.
How the Alleged Scheme WorkedPons V2 normally imposes a 99% anti-sniping tax on purchases made immediately after a token launches, with the tax quickly falling toward zero.
However, creators can exempt selected addresses from that mechanism.
Onchain records reviewed by The Block showed creators of nine launches from late August onward exempting groups of roughly 15 to 25 wallets. Within seconds, bundled transactions bought most of each token’s available supply.
The creator and exempt wallets ultimately controlled between 82% and 86% of supply in those launches.
Investigation Finding Figure Linked token launches 53 Estimated extraction $18.43M+ Operation period July 10–Sept. 21 Wallets used per launch Up to 70–200 Supply captured in reviewed launches Up to 86%The largest alleged extraction was CRUMBS at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million.
Robinhood Chain’s Memecoin Boom Faces a New TestThe allegations arrive during rapid growth for Robinhood Chain.
The Ethereum Layer 2 launched publicly on July 1 and was initially positioned around financial services and tokenized real-world assets. But memecoin trading quickly became a major source of activity, helping Robinhood Chain generate millions of dollars in app revenue.
The network has also become an increasingly important venue for tokenized stock trading, making questions around market integrity more important as crypto-native and traditional financial products begin sharing the same infrastructure.
One traced example involved tokens called DRAFT and DEED. Funds collected from DRAFT-linked wallets were eventually routed to addresses used to fund DEED before its launch. The DEED creator and exempt wallets then controlled 86% of supply immediately after opening purchases.
Most of the alleged proceeds remain in ETH, according to Wazz, making them difficult to freeze.
