Robinhood Chain Tokens Worth $18.43M Linked to Single Extraction Operation

An analysis by Wazz linked 53 token launches on Robinhood Chain to a single alleged extraction operation. The operation extracted at least $18.43 million across roughly two months, raising questions about permissionless token issuance on the platform's blockchain.

The tokens in question were launched through the pons V2 protocol, which allows creators to designate exempt addresses when creating a launch. Wazz found that the wallets used for early purchases concentrated supply across multiple token launches, with some wallets acquiring over 70% of the available supply during early trading.

Robinhood Chain is described as a permissionless Ethereum-compatible Layer 2 built using Arbitrum technology. The company launched its public mainnet on July 1 and has since attracted substantial trading activity, with pons V2 processing about $2.46 billion in decentralized exchange volume over the preceding 30 days.