Robinhood Chain Meme Token Scandal Uncovered
A recent on-chain investigation has uncovered a pattern of suspicious activity on Robinhood Chain involving memecoins. Over approximately two months, at least $18.43 million was moved in 53 memecoin launches. The analysis found that most projects used Pons V2, the main token launch platform on Robinhood Chain, which allows for the creation of new assets following a bonding curve.
The platform also applies a 99% buy fee in the first seconds after launch to make automated operations more difficult. However, creators can exempt certain addresses from this fee, and the investigation identified cases where between 15 and 25 wallets received exemptions before making concentrated purchases.
In nine launches analyzed, a single transaction bought tokens simultaneously for the benefited wallets, draining the bonding curve and transferring the tokens to Uniswap v4 pools. The operations showed that creators and exempt wallets came to control between 82% and 86% of the respective token supply.