An onchain investigation has linked 53 token launches on Robinhood Chain to a suspected coordinated rug-pull operation that extracted at least $18.43 million over roughly two months. The findings were published September 27 by blockchain investigator Wazz, who began tracing suspicious activity surrounding a token called DEED before identifying a much larger network of interconnected launches. According to the analysis, 45 of the 53 launches were directly connected through onchain fund flows. Money extracted from one token was frequently transferred within seconds into wallets involved in launching the next.
Four additional launches were connected through the same private key used to fund batches of wallets, while another four shared a common collector wallet, according to Wazz’s investigation. The $18.43 million figure represents funds Wazz says can currently be traced directly to the operation rather than an estimate of total investor losses. He said the actual amount could be higher.
70 to 200 Wallets Used to Dominate Token Supply
The launches allegedly followed a highly repeatable structure. Wazz found that most involved between 70 and 200 wallets, which collectively acquired more than 70% of a token’s supply around launch. Many of the tokens were deployed through Pons V2, a launch platform operating on Robinhood Chain. Distributing purchases across large numbers of addresses can make supply concentration less immediately obvious than when one or two wallets hold the same percentage. Once buyers entered the market, the concentrated holdings could then be sold to extract liquidity.
The largest individual operation identified so far involved CRUMBS, with approximately $3.12 million extracted. LEGS accounted for another $2.9 million and PINK approximately $1.44 million. Together, those three launches represented roughly 40% of the currently traced $18.43 million. Wazz also alleged that some launches used misleading pre-launch promotions before revealing the actual contract address, a technique he described as “fake launches.” DEED, despite triggering the broader investigation, did not rank among the 10 largest extractions.
Robinhood Chain’s Permissionless Design Matters
The findings come less than three months after Robinhood Chain’s public mainnet launched on July 1. Robinhood describes the network as a permissionless Ethereum Layer 2 built using Arbitrum technology. That means third-party developers can deploy tokens and applications without Robinhood individually approving each project. The investigation therefore does not allege that Robinhood created, endorsed or participated in the 53 token launches. The distinction is particularly important because Robinhood Chain was designed primarily around tokenized financial assets and decentralized finance rather than memecoin issuance. Since launching, however, the permissionless network has also attracted independent tokens and trading applications. Separate research indicates manipulation risks are already emerging in that market. Bitquery reported September 23 that approximately 26,000 wallets generated $322.5 million of suspected wash-trading volume across eight Robinhood Chain memecoins between August 24 and September 22. It estimated that 99.8% of trading in those eight tokens was artificial.
That investigation is separate from Wazz’s 53-launch analysis and does not establish that the same actors were involved. Wazz also identified two additional serial token operations that appeared unrelated to the main group and excluded them from both the 53-launch count and $18.43 million figure. No individuals behind the wallets have been publicly identified, and the onchain findings do not themselves establish criminal liability. What they do show is a consistent blockchain trail: dozens of token launches, concentrated supply across coordinated wallets and proceeds repeatedly moving from one operation into the infrastructure used for the next.
