Onchain analyst links $18.4 million in Robinhood Chain memecoin extractions to single rug-pull operation

An onchain investigation published Sunday by pseudonymous analyst Wazz links at least $18.43 million in extractions from 53 memecoin launches on Robinhood Chain to a single operation over roughly two months. The Block confirmed how 10 of the launches in Wazz's thread were sniped, plus one fund flow used to connect them, but did not independently verify the total.

In the X thread posted at 8:59 a.m. ET, Wazz said nearly every launch was sniped for 70% or more of its supply by bundles of 70 to 200 wallets, mostly through Pons V2, the leading launchpad on Robinhood Chain. The analyst linked 45 launches by tracing payments from one launch's collection wallet to the next token's funding wallet, four more through private keys signing batch funding for multiple launches, and four through a shared collector wallet. The largest extraction was CRUMBS at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million. Wazz said most of the money sits in ETH, so it cannot be frozen.

Anti-sniping tax waived

Pons V2 documents a 99% snipe tax on buys in the first seconds after launch, falling to zero in about five seconds, and lets creators waive it for a team bundling opening buys across up to 32 addresses. In nine launches from late August onward, The Block found the creator's transaction waived the tax for 15 to 25 wallets, and one to three blocks later a single transaction bought tokens for all of them, emptying the bonding curve into a Uniswap v4 pool. Creator and exempt wallets finished with 82% to 86% of supply. All nine opening buys went through one unverified contract created on Aug. 28; Wazz said it belongs to a commercial bundling tool with many unrelated users, and 25 of the 53 launches used it.

Wazz cited DEED, which prompted the investigation, as an example, saying proceeds from an earlier token, DRAFT, paid for it. The Block traced and confirmed the flow: on Sept. 14, 98 wallets that had held DRAFT sent ETH to one address within three seconds for a combined 179.88 ETH, which forwarded the full amount to a wallet beginning 0x9d06. On Sept. 21, that wallet sent 50 ETH at 7:09 p.m. ET, then 20 ETH two minutes later to 0xf268, which 16 seconds later batch-transferred 15.98 ETH to 50 addresses, including DEED's creator, its opening-buy payer and 24 exempt wallets. DEED went live at 7:51 p.m. ET with creator and exempt wallets holding 86% of supply.

Onchain data shows 92 wallets funded by 0xf268 received 130.75 ETH selling DEED, starting one second after launch, while the creator pulled 69.06 ETH in fees from Pons' escrow contract. That totals about 199.8 ETH, or roughly $535,000 at current prices, against Wazz's 228.92 ETH figure. On Sept. 24, 0x9d06 deposited about 86.5 ETH into Relay bridge; about 86.3 ETH reached Ethereum, was swapped for roughly 231,000 DAI and moved to a new address the next day. Robinhood launched Robinhood Chain, an Ethereum layer 2 using Arbitrum's tech stack, on July 1, and Pons fees drove it to a record $6 million day earlier this month. The Block sought comment from Pons and Robinhood.