An Analyst Followed the Money on Robinhood Chain. 53 Launches Led to One $18M Operation

Pseudonymous on-chain analyst Wazz has linked 53 token launches on Robinhood Chain to a single operation that extracted at least $18.43 million between July and September.

The findings, published on X on September 27, arrive weeks after the chain’s meme coin trading hit record levels, with its launchpads clearing more than $1 billion in a single day.

How One Launch Paid for the Next

Wazz traced 45 of the 53 launches through money flows. Proceeds from one token were swept into a hub wallet, which then paid the funding key for the next launch. 

In one example, DRAFT’s 98 wallets swept 179.88 ETH into a hub. The hub paid an intermediary wallet, which sent 20 ETH to DEED’s funding key. That key signed DEED’s funding batch 16 seconds later.

“What ties them together is money: the proceeds of one launch pay the key that funds the next, usually seconds before that key signs the next funding batch,” the post read.

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I just uncovered the biggest serial Rugpulling and Extraction operation on RobinhoodThe same operation is linked 53 launches within a 2 month periodTotal Extracted: $18.43 MILLION very likely more this is just what I could directly link🧵 https://t.co/wS62KAbvv5 pic.twitter.com/BSxZL9wU44

— Wazz (@WazzCrypto) September 27, 2026

4 more launches shared a private key, and another 4 shared a collector wallet. Bundles of 70 to 200 wallets bought up nearly every token. 

CRUMBS topped the list at $3.12 million extracted, followed by LEGS at $2.9 million and PINK at $1.3 million. Each fell more than 99% from its peak. 

Roughly $18.11 million still sits unspent in holding wallets on Robinhood Chain and Ethereum (ETH).

How Pons V2’s Snipe Tax Exemption Fits In

Of the 53 launches, 34 ran through Pons V2, the chain’s dominant launchpad. Pons charges a 99% tax on buys in the launch second, which drops to zero within seconds. 

Creators can pre-declare wallets exempt from that tax in the launch transaction, so those wallets buy at zero tax while everyone else in the same second pays 99%. Wazz’s data shows the declared wallets took as much as 86% of supply in the launch second.

BeInCrypto has not independently verified the wallet linkages, which rest solely on Wazz’s analysis.

The operation grew alongside the chain itself. Robinhood Chain went live on July 1 as a Layer 2 built for tokenized stocks, but speculative trading quickly took over, as BeInCrypto reported. Dune data shows daily decentralized exchange (DEX) volume peaked at $3.78 billion on September 4, up from mostly under $1 billion through July and August.

Launchpad token volume reached $1.5 billion that day, with Pons alone handling $818.7 million. The Pons (PONS) token has cleared $2.74 billion in lifetime volume across 139,426 traders.

That growth is also what the ring fed on. Wazz said the analysis identified at least 2 further serial operations that extracted millions but could not be tied to this one. 

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