Pseudonymous onchain analyst Wazz has published an investigation alleging a large, organized token extraction operation connected to 53 launches on Robinhood Chain over a two-month period. The network may have extracted at least $18.43 million. Wazz identified shared funding patterns, wallet bundles, and private-key links across 45 launches. Almost every launch was sniped for more than 70% of token supply. Launches often used 70 to 200 wallets and were mostly created through Pons V2. Robinhood has reported about $50 million in network revenue since July. The findings do not allege involvement by Pons, Robinhood, or network operators.
Pseudonymous onchain analyst Wazz has published an investigation alleging a large, organized token extraction operation connected to 53 launches on Robinhood Chain over a two-month period. Wazz estimates that the group extracted at least $18.43 million, but acknowledged the figure could be higher because only directly connected onchain activity was included.
The investigation began with the DEED launch. Wazz said DEED was not among the 10 launches with the highest amount extracted, but revealed a wider network sharing funding and wallet relationships.
Proceeds from one token launch often moved through a hub and were used to fund another launch. In some cases, the transfer happened only seconds before the same funding key was used for the next launch.
According to the investigation, 45 of the 53 launches were connected through this pattern. Four launches were connected through the same private keys signing funding batches, and four more were linked through a shared collector wallet receiving proceeds from multiple launches.
Almost every launch was sniped for more than 70% of the token supply. Launches often bundled between 70 and 200 wallets, and most were created through Pons V2.
One example involved DRAFT and DEED. Wazz said 98 wallets associated with DRAFT moved 179.88 ETH into a hub, and the hub funded another wallet that sent 20 ETH to the DEED funding key; 16 seconds later, that key signed DEED’s funding batch.
In other cases, the same token name appeared in multiple launches before the actual launch. These fake launches could have been used to build hype and extract money before the real contract address was announced.
The investigation identified three PINK launches, three CRUMBS launches, and three DEED launches linked to the same operation. Wazz estimated that CRUMBS generated $3.12 million in extracted funds, while PINK generated $1.44 million.
At least two other serial deployment operations were flagged that could not yet be directly linked to this network. Those operations allegedly extracted millions of dollars across dozens of launches, and much of the identified funds remain in ETH, meaning they cannot simply be frozen.
Meme coins and tokenized stocks have emerged as major drivers of trading activity across the Arbitrum-based Ethereum Layer 2 network, Robinhood Chain, launched in July. Since then, Robinhood has reported around $50 million in revenue from the network to date.
Monthly figures rose from roughly $3 million in July to about $7 million in August. Revenue then climbed to approximately $40 million in September.
The findings do not allege any involvement by Pons, Robinhood, or the network’s operators in the alleged scheme.
