A single coordinated group extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain over roughly two months, according to an on-chain investigation published on Sunday, September 27, 2026, by the pseudonymous analyst Wazz.
The analyst described the total as a floor rather than a final count, because it includes only launches that could be tied to the group directly. The token that started the inquiry, DEED, did not rank among the 10 largest cash-outs.
Wazz, who posts on X as @WazzCrypto, published the findings in a thread posted at 12:59 Coordinated Universal Time (UTC), or 8:59 a.m. Eastern Time (ET). The thread quotes an earlier post from September 24 in which Wazz said the same crew was behind dozens of launches and promised a larger investigation. According to the thread, the linked launches ran from July 10 to September 21, 2026.
Background: Robinhood Chain and Its Memecoin Boom
Robinhood Chain is an Ethereum Layer 2 (L2) network, a separate blockchain that settles its transactions on Ethereum, built on Arbitrum technology. Robinhood Markets launched its public mainnet on July 1, 2026, at its “The World is Flat” event in London. The company describes the network as a chain for financial services and tokenized real-world assets (RWAs), such as Stock Tokens linked to listed companies.
In practice, memecoins, which are tokens driven mainly by internet culture and community hype rather than underlying cash flows, took over much of the early activity. Within two weeks of the mainnet, Robinhood Chain had become one of the most active new hubs for meme coin trading. Most of those tokens are created through launchpads, which are platforms that let anyone deploy and list a token in minutes.
The largest on the network is Pons, which on August 30 accounted for about $446 million of chain trading, or roughly half of that day’s DEX volume, according to public Dune figures cited across late-August market reports. The PONS token itself traded about $67 million that day. A $500 million single-day PONS volume record is not supported by those prints.
How Wazz Linked the 53 Launches
Wazz grouped the launches by the on-chain connections between them rather than by token names or branding. According to the thread, 45 launches are linked by money, meaning the hub of one launch paid the funding key of the next. A funding key is the wallet that distributes Ether (ETH), the network’s gas and trading currency, to the buyer wallets before a launch.
Four more launches, VAULTS, WAIFU, DEED’s second launch, and CRUMBS, are linked by keys. In each case, the same private key, the secret credential that controls a wallet, signed the funding batch for two different launches. The remaining four, including LEGS and PINK, are linked through a shared collector wallet that received proceeds from more than one launch.
Wazz said nearly every launch was sniped for 70% or more of its supply by bundles of 70 to 200 wallets, and that most tokens were launched through Pons V2. Sniping refers to buying a token in the first moments after it goes live. A bundle is a group of wallets, usually controlled by one party, that buy together to hold a large share of supply while looking like separate buyers.
The Largest Cash-Outs: CRUMBS, LEGS and PINK
Wazz ranked the launches by extracted value and published the top three in the thread:
| Token | Extracted value | Bundle detected |
|---|---|---|
| CRUMBS | $3.12 million | 92 wallets |
| LEGS | $2.9 million | 77 wallets |
| PINK | $1.44 million | 125 wallets |
CRUMBS marketed itself on X as a project that converts shopping receipts into stock-token rewards. Wazz valued each launch at the price of ETH around the time of its launch or sale.
Fake Launches Before the Real Contract
Wazz also alleged that the group sometimes ran fake launches ahead of the real ones. According to the analyst, the operators built heavy hype before a launch and drew buyers into decoy tokens before announcing the real contract address (CA), the unique on-chain identifier of a token.
Wazz described this as a way to maximize the value extracted from each campaign. Wazz’s list includes three launches, each named CRUMBS, PINK, and DEED, deployed within about a day of one another.
How the Anti-Sniping Tax Was Bypassed
Pons V2 sells new tokens along a bonding curve, a pricing formula that raises the token price automatically as more supply is bought. To discourage bots, its documentation says the launchpad charges a snipe tax that starts at 99% of a buy and decays to zero over the first five seconds after launch. The same documentation lets a creator exempt up to 32 extra addresses at creation, intended for a team bundling its opening buys across several wallets, and those exemptions cannot be changed later.
That exemption is central to the case. Wazz’s thread included a table of 11 launches, 10 of them on Pons V2, and said that it matched all 10 on-chain. For the nine launches from late August onward, the outlet found that the creator’s launch transaction exempted 15 to 25 wallets from the tax. One to three blocks later, a single transaction bought tokens for all of them at once, emptied the bonding curve, and moved the token into a Uniswap v4 trading pool. The creator and the exempt wallets ended the opening transactions holding 82% to 86% of supply.
All nine opening buys ran through one unverified contract created on August 28, 2026. Wazz told the outlet that the contract belongs to a commercial bundling tool with many unrelated users, and that 25 of the 53 launches used it for their opening buys.
Following the Money From DRAFT to DEED
Wazz cited the path from an earlier token, DRAFT, into DEED as an example of the funding loop, saying it confirmed each transaction on-chain. At 9:36 a.m. ET on September 14, 98 wallets that had held DRAFT sent a combined 179.88 ETH to one address within 3 seconds. That address forwarded the full amount to a wallet beginning with 0x9d06.
On September 21, the 0x9d06 wallet sent 50 ETH to another address at 7:09 p.m. ET, which passed 20 ETH to a wallet beginning with 0xf268 two minutes later. Sixteen seconds after receiving it, 0xf268 sent 15.98 ETH in one batch transfer to 50 addresses, including DEED’s creator and the wallets exempted from the snipe tax. DEED went live at 7:51 p.m. ET, and its creator and exempt wallets held 86% of the supply after the opening buy.
On September 24, the 0x9d06 wallet deposited about 86.5 ETH into the cross-chain bridge Relay, which delivered roughly the same amount to Ethereum, where it was swapped for about 231,000 DAI, a dollar-pegged stablecoin.
Funds Sit in ETH, and Two Other Rings Remain
Wazz said most of the extracted value is held in ETH, which cannot be frozen the way some issuer-controlled tokens can. The analyst said every wallet involved has been tagged in a personal labeling database.
The thread also flagged at least two other serial deploying operations on Robinhood Chain that extracted millions across dozens of launches. Wazz could not link them to this group with the same standard of evidence, so they are excluded from the $18.43 million figure. By Wazz’s account, the 53-launch ring is still the largest identified on the network so far.
What Remains Unverified
The $18.43 million total is Wazz’s own linked estimate, not an audited loss figure. It confirmed how 10 of the listed launches were sniped, and one of the fund flows linking them. On DEED alone, the outlet counted about 199.8 ETH in proceeds against the 228.92 ETH Wazz listed, a gap Wazz attributed to counting 98 wallets and 67.55 ETH in creator fees.
Nothing in the thread alleges that Pons, Robinhood or the network’s operators designed or took part in the scheme. No individual has been publicly identified or charged.
For buyers, the signals the thread relies on can be checked on-chain before a purchase: where a deployer’s funding came from, whether a launch named snipe-tax exemptions at creation, how concentrated holdings were in the first block, and whether the same key or collector wallet appeared in an earlier launch.
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