A single coordinated group extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain over roughly two months, according to an on-chain investigation published by pseudony
A single coordinated group extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain over roughly two months, according to an on-chain investigation published by pseudonymous analyst Wazz.
Most of the tokens were launched through Pons V2, the leading memecoin launchpad on Robinhood Chain. The operation ran from July 10 to September 21, 2026, cycling profits from one launch into the funding wallet for the next. According to Wazz, the $18.43 million figure represents a floor estimate covering only launches that could be directly tied to the group, not a final audited loss total.
The mechanics were consistent across launches. Token creators exploited an anti-sniping tax exemption built into Pons V2, whitelisting between 15 and 25 wallet addresses before executing a single bulk transaction that bought out each token's bonding curve in under a second. The result left the deployer and whitelisted addresses collectively controlling between 82% and 86% of each token's circulating supply. The coordinated purchase would then immediately trigger migration to a decentralised exchange liquidity pool, leaving ordinary buyers holding near-worthless tokens.
The Block independently reviewed on-chain data and confirmed the sniping mechanics across 10 of the listed launches, as well as one funding flow that linked a sweep of 179.88 $ETH from one launch's collection wallet directly to the wallet that funded the next launch, DEED, roughly 40 minutes before it went live.
Wazz linked 45 of the 53 launches by tracing payments between successive funding wallets, with four more tied through shared private keys used to sign batch funding transactions, and another four through a shared collector wallet. The largest individual extractions were CRUMBS ($3.12 million), LEGS ($2.9 million), and PINK ($1.44 million). The DEED token, which initially triggered the investigation, did not rank among the ten largest cash-outs.
Robinhood Chain launched as an Arbitrum Orbit Layer 2 network on July 1, 2026. While Robinhood Markets designed the chain for financial services and tokenised real-world assets, speculative memecoin activity quickly came to dominate early trading volumes. Pons, which functions similarly to Pump.fun on Solana, became the chain's dominant launchpad within weeks of going live.
The majority of extracted funds remain held as $ETH rather than stablecoins, making them resistant to freezing. No suspects have been publicly identified or prosecuted. Nothing in Wazz's findings alleges that Pons, Robinhood, or any network operator participated in or was aware of the scheme.
Sources:The Block: Onchain analyst links $18.4 million in Robinhood Chain memecoin extractions to single rug-pull operationCrypto Times: Analyst Exposes $18.43M Robinhood Chain Memecoin Rug Pull RingCoinDesk: A memecoin making app is driving millions in fees on Robinhood's new blockchain
