Robinhood Chain Meme Coin Fiasco Uncovered: $18M Extraction Operation

A pseudonymous on-chain analyst named Wazz claims that an extraction operation netted at least $18.43 million from 53 token launches on Robinhood Chain between July 10 and September 21.

The tokens were launched through Pons V2, a token launchpad on the network, with nearly every launch being 'sniped' for 70% or more of its supply by bundles of 70 to 200 wallets.

Wazz linked 45 launches by tracing payments from one launch's collection wallet to the next token's funding wallet. They also identified two serial deployers that they could not link to this group.

The largest extraction in dollar terms was CRUMBS at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million. Most of the funds are held in Ethereum (ETH), so they cannot be frozen.