Inside the $18 Million Rug Pull Rocking Robinhood Chain

TLDR

• An onchain analyst known as Wazz linked $18.43 million in extractions to one group across 53 memecoin launches on Robinhood Chain.
• The scheme ran from July 10 to September 21, 2026, mostly using the Pons V2 launchpad.
• Creators waived an anti-sniping tax for chosen wallets, letting them buy up to 86% of token supply within seconds of launch.
• The three largest cash-outs were CRUMBS at $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million.
• Most of the extracted funds remain in ETH, which cannot be frozen, and no individual has been publicly identified or charged.

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A pseudonymous onchain analyst named Wazz says one group extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain. The findings were posted to X on Sunday, September 27, 2026.

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

🧵 https://t.co/wS62KAbvv5 pic.twitter.com/BSxZL9wU44

— Wazz (@WazzCrypto) September 27, 2026

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.

The company built the chain 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.

Most tokens launched through Pons, the largest launchpad on the network. Pons sells new tokens using a bonding curve, a 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.

Creators can exempt up to 32 wallets from this tax. The feature is meant for teams that want to buy their own tokens across several wallets at once.

Wazz found that creators used this feature to give themselves and 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.

This single purchase emptied the bonding curve and pushed the token onto a public trading pool. The creator and exempted wallets ended up holding between 82% and 86% of the total supply.

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.

Linking the Launches Together

Wazz connected the 53 launches using three different methods. Forty five launches were linked because money from one launch funded the wallet behind the next launch.

Four more launches shared the same private key, which signed funding transactions for more than one token. The remaining four launches 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.

Wazz says most of the extracted money sits in ETH rather than stablecoins or other tokens. This makes it harder to freeze compared to centrally issued assets.

The analyst said every wallet involved has been tagged in a personal database. Two other serial-launch operations were also flagged but could not be tied to this same group with enough certainty.

No individual has been publicly named or charged in connection with the scheme. Nothing in the report suggests Robinhood or Pons had any role in designing or running it.

Buyers can check some 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.