A pseudonymous onchain analyst known as Wazz says a single group extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain, according to findings posted to X on Sunday, September 27, 2026. The alleged operation ran from July 10 to September 21, 2026, and relied primarily on the Pons V2 launchpad, where creators waived an anti-sniping tax for chosen wallets and bought up to 86% of a token's supply within seconds of launch.

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

— Wazz (@WazzCrypto), September 27, 2026

Wazz, who published the findings in a thread on X, cautioned that the $18.43 million total is "very likely more," describing the figure as only what could be directly linked to the group's activity.

Background: Robinhood Chain and the Pons Launchpad

Robinhood Chain is an Ethereum layer 2 network built on Arbitrum technology. Robinhood Markets launched the network on July 1, 2026, at an event in London, positioning it for financial services and tokenized real-world assets, including stock tokens tied to public companies. Memecoins quickly took over much of the early trading instead. The dates in Wazz's analysis fall entirely within the network's first months of operation, meaning the alleged extraction played out during the chain's earliest phase of activity.

Most tokens on the network launched through Pons, the largest launchpad on the chain, which also served as the primary venue for the launches cited the analysis. Pons sells new tokens using a bonding curve, a pricing formula that raises the price as more people buy.

How the Tax Exemption Was Used

Pons charges a snipe tax on buys made in the first seconds after a token launches. The tax starts at 99% and falls to zero within about five seconds, a structure aimed at buyers who attempt to rush in the moment a token goes live. Creators can exempt up to 32 wallets from this tax, a feature meant for teams that want to buy their own tokens across several wallets at once.

Wazz found that creators used the exemption to give themselves and their allies control of most of the supply. In nine launches studied closely, creators exempted 15 to 25 wallets before a single transaction bought tokens for all of them at once. That purchase emptied the bonding curve and pushed the token onto a public trading pool, leaving the creator and the exempted wallets holding between 82% and 86% of the total supply — in other words, just 14% to 18% left for all other buyers combined.

All nine of these opening buys ran through the same unverified contract, created on August 28, 2026. Wazz said the contract belongs to a commercial bundling tool used by many unrelated parties, which is why the connections between launches rested on money flows and wallet patterns rather than on the contract alone.

The three largest cash-outs identified in the analysis were CRUMBS at $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million.

Linking the Launches Together

Wazz connected the 53 launches using three different methods over the two-month span. Forty-five launches were linked because money from one launch funded the wallet behind the next launch. Four more shared the same private key, which signed funding transactions for more than one token. The remaining four shared a single wallet that collected proceeds from multiple launches.

The analyst also said the group sometimes ran fake launches before revealing the real token. Three sets of tokens named CRUMBS, PINK, and DEED were each launched within about a day of one another, with only the final version in each set being genuine.

DEED was the token that first drew Wazz's attention. Money traced back to an earlier token called DRAFT eventually funded DEED's launch, moving through several wallets before reaching the addresses that made the opening purchase.

Funds Held in ETH, No Charges Filed

Wazz said most of the extracted money sits in ETH rather than stablecoins or other tokens, making it harder to freeze compared to centrally issued assets, which can typically be locked by their issuers. Every wallet involved has been tagged in the analyst's personal database. Two other serial-launch operations were also flagged, but they could not be tied to this same group with enough certainty, leaving the full scope of serial-launch activity on the chain an open question in the analysis.

No individual has been publicly named or charged in connection with the scheme, and nothing in the report suggests Robinhood or Pons had any role in designing or running it. As it stands, the findings reflect independent onchain analysis rather than court filings or company statements.

According to the report, buyers can check for certain warning signs onchain before purchasing a new token. These include where a deployer's funding came from, whether snipe-tax exemptions were listed at launch, and how concentrated token holdings are in the first block after trading begins.

Source: CoinCentral