53 Robinhood Chain Token Launches Linked to Rug-Pull…

An onchain investigation published on September 27 by blockchain investigator Wazz has connected 53 token launches on Robinhood Chain to a suspected coordinated rug-pull operation that extracted at least $18.43 million over roughly two months. The inquiry began with a token called DEED before expanding into a far larger network of interconnected launches.

According to the findings, 45 of the 53 launches were tied together through onchain fund flows, with proceeds from one token frequently moved within seconds into wallets involved in launching the next. Four further launches shared the same private key used to fund batches of wallets, while another four used a common collector wallet. Wazz said the $18.43 million reflects funds currently traceable directly to the operation rather than an estimate of total investor losses, and that the real figure could be higher.

A repeatable structure

Most launches allegedly followed a similar playbook, with between 70 and 200 wallets collectively acquiring more than 70% of a token's supply around launch — a distribution that makes concentration less obvious than when one or two addresses hold the same share. Many of the tokens were deployed through Pons V2, a launch platform operating on Robinhood Chain. Once outside buyers entered the market, the concentrated holdings could be sold to drain liquidity.

The largest operation identified so far involved CRUMBS, with approximately $3.12 million extracted, followed by LEGS at $2.9 million and PINK at roughly $1.44 million. Together those three launches represented about 40% of the currently traced total. Wazz also alleged that some launches used misleading pre-launch promotions before revealing the actual contract address, a tactic he described as "fake launches." DEED, which triggered the broader investigation, did not rank among the ten largest extractions.

The findings arrive less than three months after Robinhood Chain's public mainnet went live on July 1. Robinhood describes the network as a permissionless Ethereum Layer 2 built using Arbitrum technology, meaning third-party developers can deploy tokens and applications without Robinhood approving each project individually. The investigation does not allege that Robinhood created, endorsed or participated in any of the 53 launches.

Separate research points to related risks in the same market. Bitquery reported on September 23 that approximately 26,000 wallets generated $322.5 million of suspected wash-trading volume across eight Robinhood Chain memecoins between August 24 and September 22, estimating that 99.8% of trading in those tokens was artificial. That study is independent of Wazz's analysis and does not establish that the same actors were involved. Wazz also identified two additional serial token operations that appeared unrelated and excluded them from both the launch count and the dollar figure. No individuals behind the wallets have been publicly identified, and the onchain findings do not by themselves establish criminal liability.