On-chain analyst Wazz has linked 53 token launches on Robinhood Chain to an alleged coordinated rug-pull operation, claiming the team drained at least $18.43 million between July 10 and September 21. The Block independently verified sniping mechanics in all 10 launches it reviewed, finding that creators and wallets acquired 82% to 86% of supply in nine cases. The investigation revealed reused wallets, funding routes, and launch tactics. The largest cash-outs included CRUMBS at $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million. Robinhood Chain, an Ethereum Layer 2 on Arbitrum, has a broader ecosystem with $1.5 billion in total value locked.
An on-chain analyst known as Wazz identified 53 token launches on Robinhood Chain that appear to be part of a single rug-pull operation. According to Wazz, the alleged scheme drained at least $18.43 million within two months, with 45 of the launches directly connected through fund flows where profits from one project were reinvested into another.
Four launches shared a private key for batch funding, and four used the same collector wallet. The Block independently examined ten of the listed launches and found sniping mechanics in every case. In nine out of ten launches, the creator and wallets adopted a buy-opening approach, acquiring between 82% and 86% of the circulating supply immediately after launch.
Wazz stated that 70 to 200 wallets were used to snipe most launches, receiving more than 70% of supply right away. The tokens were launched through the Pons V2 launchpad, where creators exempted certain wallets from anti-sniping taxes. The Block noted that all nine launches used the same contract for initial bundle purchases, created on August 28.
Funding trails further connected the launches. The Block traced 179.88 ETH from addresses linked to the DRAFT token to the wallet that funded DEED just 40 minutes before DEED launched. Among the largest cash-outs, CRUMBS led with $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million. DEED, which prompted the investigation, did not rank in the top ten.
Robinhood Chain launched on July 1 as an Ethereum Layer 2 built on Arbitrum technology. A Morgan Stanley research note cited by TheStreet reported that the network had surpassed $1.5 billion in total value locked, with Robinhood Earn balances nearing $450 million. The chain’s Stock Tokens, which track U.S. equities, held over $150 million in assets with about 200,000 holders and roughly $400 million in daily decentralized exchange volume.
The Block verified parts of Wazz’s findings but did not independently confirm the $18.43 million total. Further on-chain analysis may identify additional linked launches or wallet clusters.
