Analyst Links $18.4 Million in Robinhood Chain Memecoin Losses to Single Operation
$18.4 million withdrawn from 53 token launches
A pseudonymous onchain analyst known as Wazz claims a single operation removed at least $18.43 million from 53 memecoin launches on Robinhood Chain. This activity occurred between July 10 and September 21. The analyst stated that nearly every launch was targeted by groups of 70 to 200 wallets that purchased most of the token supply within seconds.
The Block reviewed onchain data and confirmed patterns for 10 of the launches listed by the analyst. They also verified one specific flow of funds linking two separate token launches. However, The Block did not independently calculate the total $18.43 million figure mentioned by Wazz.
How the anti-sniping tax was bypassed
- Most tokens were launched via Pons V2, the leading launchpad on Robinhood Chain.
- Pons V2 normally charges a 99% "snipe tax" on early buys to stop bots, but creators can waive this for up to 32 addresses.
- Data shows creators of nine launches waived this tax for 15 to 25 specific wallets.
- These exempt wallets then bought the majority of the token supply almost instantly.
- In each case, the creator and exempt wallets ended up holding between 82% and 86% of the total supply.
Funds traced from DRAFT to DEED
The analyst linked multiple launches by following money trails. One clear example involves tokens named DRAFT and DEED. On September 14, funds from 98 wallets holding DRAFT were sent to a single address totaling 179.88 ETH. This address later forwarded money to fund the DEED launch just 40 minutes before it went live.
When DEED launched, the creator and exempt wallets again secured 86% of the supply. Wallets began selling the token one second after launch. The Block tracked payouts showing the 92 funded wallets received 130.75 ETH from sales, while the creator took an additional 69.06 ETH in fees. Later, funds were moved through a cross-chain bridge to Ethereum and converted into DAI, a stablecoin pegged to the US dollar.
Largest individual extractions
According to the analyst's list, the largest single extraction was a token called CRUMBS, valued at $3.12 million. Other significant amounts included LEGS at $2.9 million and PINK at $1.44 million. The analyst noted that most of the stolen funds remain in ETH, making them difficult to freeze.
Unconfirmed details and ongoing questions
While The Block confirmed the fund flows and the pattern of tax waivers, some details remain unverified. The analyst identified at least two other serial deployers that could not be linked to the main group. Additionally, 25 of the 53 launches used a specific unverified contract for opening buys, but the operator of this tool could not be identified.
Impact on Robinhood Chain activity
Robinhood Chain, an Ethereum layer 2 network launched on July 1, has seen high activity driven by memecoins and stock-linked tokens. Fees from the Pons launchpad recently helped the chain reach a record $6 million in daily fees. The Block has contacted both Pons and Robinhood for comment regarding these incidents.
Sources
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