Analyst using the pseudonym Wazz identified a link between 53 token launches on Robinhood Chain and a single operation that extracted at least $18.43 million from July to September. The publication appeared on X on September 27, shortly after meme trading on the chain reached record levels: token launch platforms processed over $1 billion in a single day.
Wazz traced 45 of the 53 launches through cash flows. Funds from one token were transferred to a hub wallet, which then financed the next launch. In one example, 98 DRAFT wallets collected 179.88 ETH in the hub, which then transferred 20 ETH to an intermediary wallet to finance the DEED key, and that wallet signed its funding batch in 16 seconds. "The link between them is money: the revenues from one launch finance the key that pays for the next, usually seconds before that key signs the next batch," Wazz described. Another 4 launches shared one private key, while 4 used a common collector wallet. Groups of 70-200 wallets bought nearly every token.
Of the 53 launches, 34 went through Pons V2 – the dominant launch platform on the chain. Pons charges a 99% tax on purchases at the moment of launch, which decreases to zero within a few seconds. Creators can pre-announce wallets exempt from tax: those wallets buy without it, while others pay 99% at the same moment. Wazz's data shows that announced wallets took up to 86% of the supply at the moment of launch. The leader in extracted funds was CRUMBS with $3.12 million, followed by LEGS with $2.9 million and PINK with $1.3 million. Each lost over 99% from their peak. Approximately $18.11 million remains unspent in wallets on Robinhood Chain and Ethereum.
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