TheBlock
An onchain investigation links at least $18.43 million extracted from 53 Robinhood Chain memecoin launches over roughly two months to one operation. Pseudonymous analyst Wazz said nearly every launch was sniped for 70% or more of its supply by bundles of 70 to 200 wallets. Independent analysis confirmed the pattern in 10 launches and traced one funding flow, but did not replicate the full $18.43 million estimate.
Why it matters
The alleged operation exploited a feature intended to help legitimate teams coordinate opening buys. Pons V2 charges a 99% snipe tax during the first seconds of a launch, but creators can waive it for up to 32 addresses. In nine launches examined from late August onward, creators exempted 15 to 25 wallets, then used a single transaction to buy for those wallets one to three blocks later.
Those opening buys left the creator and exempt wallets holding 82% to 86% of supply. The purchases emptied each bonding curve and pushed the tokens into a Uniswap v4 pool, where the concentrated holdings could be sold into public liquidity. Wazz linked 45 launches through payments between collection and funding wallets, with additional links based on shared private keys and collector wallets.
Market impact
CRUMBS was the largest alleged extraction at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million. In the DEED case, wallets funded through the suspected chain sold 130.75 ETH, while the creator withdrew 69.06 ETH in fees. The analysis counted about 199.8 ETH, roughly $535,000 at current prices, compared with Wazz's 228.92 ETH estimate.
Most of the proceeds were held in ETH, Wazz said, limiting the prospect of a freeze. About 86.5 ETH later moved through Relay to Ethereum, where it was swapped for roughly 231,000 DAI. The activity adds a material security risk to Robinhood Chain, where memecoins and stock-linked tokens have driven trading since the network launched on July 1.
Frequently asked questions
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How much did the alleged Robinhood Chain operation extract?
The investigation estimates at least $18.43 million extracted across 53 memecoin launches over roughly two months. The full total was not independently replicated.
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How did the suspected launches bypass Pons V2 protections?
Creators waived Pons V2's 99% opening snipe tax for groups of wallets, then used batch transactions to buy tokens for those wallets shortly after launch.
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What share of supply did the creator-linked wallets control?
In nine launches examined from late August onward, the creator and exempt wallets held 82% to 86% of supply after the opening buys.
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Which tokens had the largest alleged extractions?
CRUMBS was the largest listed extraction at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million.
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Where did the alleged proceeds move?
Most of the proceeds were held in ETH. About 86.5 ETH later moved through Relay to Ethereum and was swapped for roughly 231,000 DAI.
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