On-chain analyst Wazz identified a coordinated syndicate responsible for 53 fraudulent token launches on the Robinhood Chain. The operation has extracted at least $18.43 million from investors since the network launched on July 1, 2026.
The syndicate utilized a network of 70 to 200 wallet addresses to secure over 70% of the supply for each token via the Pons V2 platform. By controlling the majority of the supply, the group orchestrated hype campaigns and fake launches to mislead retail investors before dumping their holdings.
The scheme operated as a self-funding cycle, where profits from one rug pull were reinvested to seed the next launch. Wazz traced 45 launches through direct fund flows, four through shared private keys, and four through common collector wallets.
The largest single extraction identified by the analyst amounted to $3.12 million. The token DEED, which initially prompted the investigation, was not among the ten largest cash-outs.
Wazz also discovered two separate serial operations on the Robinhood Chain that were not included in the primary investigation. Consequently, the total financial damage to investors is likely higher than the reported $18.43 million.
