$18.4 Million Memecoin Scam Exposed: Coordinated Group Snipes 53 Launches on Robinhood Chain

Researchers have uncovered a massive scam on Robinhood Chain, a Ethereum Layer 2 (L2) network. The investigation, led by pseudonymous analyst Wazz, revealed that at least $18.43 million was extracted from 53 memecoin launches between July 10 and September 21, 2026.

The scam involved a coordinated group of operators who used fake launches to build hype before announcing the real contract address. The analysts found that nearly every launch was sniped for 70% or more of its supply by bundles of 70 to 200 wallets, mostly through Pons V2's launchpad.

Wazz identified several key tactics used by the scammers, including using a commercial bundling tool to execute simultaneous buys and exempting wallets from anti-sniping taxes. The researchers were able to track the flow of funds across multiple transactions, showing how the operators collected and laundered their ill-gotten gains.

The investigation highlighted the risks associated with rapid memecoin booms on Layer 2 launchpads and underscored the need for stronger anti-bot safeguards. Wazz emphasized that most of the extracted value is held in ETH, which cannot be frozen, leaving the victims vulnerable to losses.