$18.43M rug-pull operation reported on Robinhood Chain involving 53 tokens
An anonymous analyst known as Wazz has identified a large-scale rug-pull scheme affecting at least $18.43 million across 53 memecoin launches on the Robinhood Chain between July 10 and September 21, according to reports shared on X. The operation allegedly involved groups of wallets siphoning off majority token supplies in nearly every launch before they went live. The Block reported that most tokens were launched via Pons V2, a popular platform with anti-bot measures. However, creators exploited exemptions for up to 32 wallets, enabling large-scale sniping and concentrating ownership among insiders who captured between 82% and 86% of token supplies in some cases. The stolen funds have largely been converted into ETH, which is difficult to freeze due to its decentralized nature. The largest single extraction was from a token called CRUMBS ($3.12 million), followed by LEGS ($2.9M) and PINK ($1.44M).
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