On-Chain Analyst Links 53 Robinhood Chain Token Launches to $18M Rug-Pull Syndicate
An investigation by analyst Wazz has uncovered a coordinated syndicate responsible for 53 rug pulls on Robinhood Chain, draining at least $18.43 million from investors.
On-chain analyst Wazz has identified a coordinated syndicate behind 53 separate token launches on Robinhood Chain, resulting in at least $18.43 million in losses for investors. The investigation, published on September 27, suggests the actual total stolen is likely higher.
The syndicate utilized a consistent strategy to extract funds. Using a network of 70 to 200 wallets, the group secured over 70% of a token's supply via the Pons V2 platform. They then generated hype through fake launches to mislead investors before revealing the actual contract addresses.
The operation functioned as a self-funding cycle, with profits from one rug pull used to seed the next. Wazz traced 45 of the launches through direct on-chain fund flows, while others were linked via shared private keys or common collector wallets.
The investigation began following suspicious activity surrounding a token called DEED. While DEED was part of the scheme, it was not among the ten largest cash-outs. The most significant single operation identified by Wazz resulted in a $3.12 million extraction.
Robinhood Chain, an Arbitrum Orbit Layer 2, launched on July 1, 2026. The network has since seen high volumes of memecoin activity, which Wazz noted has created an environment prone to bad actors. Wazz also identified two additional, separate operations extracting funds from the ecosystem that were not included in the 53-launch count or the $18.43 million figure.
The scheme highlights the risks of supply concentration in memecoin markets. By controlling the majority of a token's supply before retail investors gain access, the syndicate could manipulate prices and guarantee profits by dumping their holdings.
