A coordinated operation extracted at least $18.43 million from 53 memecoin launches on Robinhood Chain between July 10 and Sept. 21. The activity centered on Pons V2, a token launchpad on the Ethereum Layer 2.
Pons V2 implements a 99 percent anti-sniping tax on purchases made immediately after a token launches, with the tax declining toward zero in the hours following the initial offering.
The protocol allows creators to exempt specific addresses from this anti-sniping tax. On-chain records for nine launches from late August onward showed groups of approximately 15 to 25 wallets were exempted by creators. These exempted wallets then executed bundled transactions, buying most of each token's available supply within seconds of launch. The creators and their associated exempt wallets ultimately controlled between 82 percent and 86 percent of the total supply in these launches.
Pseudonymous on-chain analyst Wazz linked the 53 launches by identifying recurring wallet-funding patterns, shared collector addresses and, in several instances, identical private keys across multiple deployments.
One traced example involved tokens named DRAFT and DEED. Funds collected from DRAFT-linked wallets were subsequently routed to addresses used to fund the DEED token launch. The DEED creator and exempt wallets then controlled 86 percent of the supply immediately after purchases opened.
The largest single extraction targeted the CRUMBS token, yielding $3.12 million. This was followed by LEGS with $2.9 million extracted and PINK with $1.44 million.
Robinhood Chain, which publicly launched July 1, has experienced rapid growth in memecoin trading volume, generating millions of dollars in app revenue. The network also serves as a venue for tokenized stock trading.
Most of the alleged proceeds from these operations remain held in ETH, according to Wazz's analysis, making the funds difficult to freeze or recover through conventional means.
