$15.5M Robinhood Chain Rug Pull: Coordinated Effort Exposed

A recent blockchain investigation has linked 56 memecoin launches on Robinhood Chain to a massive $15.5 million rug-pull operation.

The report, published by Bitquery on September 28, examines the period of activity from July 10 to September 23 and finds that the group's estimated take is significantly lower than previously thought.

Bitquery's analysis reveals that the majority of market activity was happening on Pons, a token launchpad that runs on Robinhood Chain. The platform uses a bonding curve to sell new tokens, allowing early buyers to purchase at low prices, but also charges 99% tax at initial purchases, which then reduces to zero within five seconds.

The report highlights how the group's wallets were exempt from this tax, enabling them to buy large quantities of tokens at launch prices. In one incident, a wallet related to the group funded the opening of 92 new addresses just before the token DEED went live on September 21. The next block saw 25 tax-exempt wallets purchase nearly two-thirds of the entire supply.

This coordinated effort has raised concerns about the fairness and accessibility of these launchpads, which are becoming increasingly popular. According to Bitquery's findings, Pons managed to gather only a mere 1.9 ETH in snipe tax from the total 35 launches associated with the group.