Analyst ties $18.4M in Robinhood Chain memecoin extractions to one rug-pull operation; The Block verifies the mechanics on 10 launches

A pseudonymous onchain analyst who goes by Wazz says a single operation pulled at least $18.43 million out of 53 memecoin launches on Robinhood Chain between July 10 and Sept. 21, according to a thread published to X on Sunday and reviewed by The Block. Most of the tokens launched through Pons V2, the leading launchpad on the Robinhood-built Ethereum layer 2 that went live July 1.

The Block confirmed how 10 of the listed launches were sniped and traced one of the fund flows Wazz used to link them, but did not independently reproduce the $18.43 million figure — that total is Wazz's, valued at ETH's price around each launch.

The mechanic is specific. Pons V2 charges a 99% "snipe tax" on buys in the first ~5 seconds after launch to deter bots, but lets a creator waive it for up to 32 addresses to bundle opening buys. In the nine launches from late August on, The Block found the creator's launch transaction waived the tax for 15 to 25 wallets, and one to three blocks later a single transaction bought tokens for all of them at once — emptying the bonding curve and leaving the creator and exempt wallets holding 82% to 86% of supply. Wazz put the sniped share at the same level. Twenty-five of the 53 launches used one unverified bundling contract created Aug. 28; Wazz says the contract is a commercial tool with many unrelated users, and The Block could not determine who operates it.

To tie launches to one operator, Wazz says "the proceeds of one launch pay the key that funds the next," linking 45 by tracing collection-wallet payments, four more via shared signing keys and four via a shared collector. The Block traced the DRAFT-to-DEED flow onchain and confirmed each step: 179.88 ETH swept from DRAFT holders on Sept. 14 eventually funded DEED's creator and exempt wallets minutes before DEED launched Sept. 21 holding 86% of supply.

Key facts

• At least $18.43M extracted from 53 launches, July 10–Sept. 21 — Wazz (via The Block); total not independently replicated.
• Largest single extraction: CRUMBS at $3.12M, then LEGS ($2.9M) and PINK ($1.44M) — Wazz.
• Creator + exempt wallets ended opening buys with 82–86% of supply across nine late-August launches — The Block onchain review.
• On Sept. 24, ~86.5 ETH bridged via Relay to Ethereum and swapped for ~231,000 DAI — The Block.
• Robinhood Chain hit a record $6M in single-day fees this month, largely from Pons — The Block dashboard.

The real-world read

This rests on one secondary outlet and one pseudonymous analyst; treat the headline $18.43M as Wazz's estimate, not a verified figure — The Block says as much and reconciled only part of DEED's tally (its ~199.8 ETH count versus Wazz's 228.92 ETH, a gap The Block attributes to counting fewer wallets). What The Block did verify — tax waivers, one-block bundle buys, 82–86% capture — is the damning part, and it's mechanical, not interpretive. The launchpad's anti-sniping feature was itself the tool: an exemption meant to help teams bundle became the way insiders bought their own supply. Funds sit in ETH and now DAI, unfrozen. Pons and Robinhood had not responded to The Block's requests for comment as of publication.

Not financial advice.

Sources

• The Block (DeFi, Sept. 27, 2026) — reported and partially verified Wazz's thread; confirmed sniping mechanics on 10 launches, traced the DRAFT-to-DEED flow, and flagged that it did not replicate the $18.43M total. Reputable secondary source; the underlying claims originate with analyst Wazz.
• Wazz (pseudonymous onchain analyst, via X thread) — original investigation, the $18.43M total, per-token figures and wallet-linking methodology. Not independently verified in full.