On-chain analyst Wazz identified a serial rug-pull operation on the Robinhood Chain involving 53 token launches. Between July and September, the scheme extracted at least $18.43 million. The analyst traced 45 of these launches by following money flows, where proceeds from one token were used to fund the next launch via a hub wallet system.
The operation utilized bundles of 70 to 200 wallets to purchase tokens. The most profitable tokens included CRUMBS with $3.12 million, LEGS with $2.9 million, and PINK with $1.3 million, all of which dropped over 99 percent from their peak values. Currently, $18.11 million remains in holding wallets on the Robinhood Chain and Ethereum.
A total of 34 launches were conducted through the Pons V2 launchpad. The platform features a 99 percent tax on initial buys, but creators can exempt specific wallets. Wazz reported that these exempt wallets acquired up to 86 percent of the supply during the launch second. The analyst also noted at least two other separate operations that extracted millions.
Robinhood Chain launched on July 1 as a Layer 2 network. Trading activity surged on September 4, with daily decentralized exchange volume reaching $3.78 billion. On that same day, launchpad token volume hit $1.5 billion, with Pons accounting for $818.7 million. The Pons token has recorded a lifetime volume of $2.74 billion across 139 426 traders.
