Robinhood Chain Investors Exploit Snipe-Tax Exemption System for $18.43 Million

A group of investors exploited the Snipe-Tax Exemption System on Robinhood Chain to extract at least $18.43 million (approximately ¥2.9 billion) from the issuance of 53 meme coins.

The investigation, conducted by anonymous on-chain analyst Wazz and published on X, found that creators systematically excluded wallets from taxation and purchased tokens for a single transaction, allowing them to sell out the bonding curve supply.

Wazz identified connections between the tokens through fund flows, private keys, and collection wallets. The majority of extracted funds remain held in Ethereum rather than stablecoins or other assets.