Robinhood Chain Token Ring Allegedly Extracts $18.4 Million Across 53 Launches

Pseudonymous on-chain analyst Wazz has linked 53 token launches on Robinhood Chain to what he describes as a coordinated operation that extracted at least $18.43 million between July and September.

The findings, published on X on September 27, come as meme coin and launchpad activity on Robinhood Chain has surged. Wazz traced 45 of the launches through wallet funding flows, claiming proceeds from one token were repeatedly transferred to a central wallet before financing the next launch.

One example involved DRAFT, where 98 wallets allegedly moved 179.88 ETH into a hub wallet. Funds were then routed through an intermediary that sent 20 ETH to DEED's funding address. According to Wazz, the address signed DEED's funding batch just 16 seconds later.

Four additional launches reportedly shared a private key, while another four used the same collector wallet. Groups containing between 70 and 200 wallets allegedly accumulated most of the supply during individual launches.

CRUMBS accounted for the largest estimated extraction at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.3 million. All three tokens subsequently dropped more than 99% from their respective peaks. Wazz estimated that about $18.11 million remains unspent across wallets on Robinhood Chain and Ethereum.

The analyst also highlighted the role of Pons V2, which hosted 34 of the 53 launches. The launchpad imposes a 99% tax on purchases made during a token's launch second before quickly reducing the tax to zero. Creators can designate wallets exempt from the initial tax, and Wazz's analysis found these wallets acquired as much as 86% of a token's supply during the launch second.

The claims have not been independently verified and currently rely on Wazz's on-chain analysis.

Robinhood Chain launched July 1 as a Layer 2 network focused on tokenized stocks but has since attracted significant speculative trading. Daily DEX volume reached a record $3.78 billion on September 4, while launchpad token volume hit $1.5 billion. Wazz also said at least two other serial operations extracted millions of dollars, although they could not be connected to the same wallet network.