Wazz Links 53 Robinhood Chain Token Launches to Alleged $18.43M Rug-Pull Operation
On-chain analyst Wazz has linked 53 token launches on Robinhood Chain over roughly two months to what he describes as a coordinated rug-pull operation that extracted at least $18.43 million.
Wu Blockchain reported Wazz’s findings in a post on X, citing the analyst’s on-chain investigation. According to Wazz, 45 of the launches were connected through transaction flows in which proceeds from one project were used to finance another. Four additional launches shared a private key used for funding batches, while another four were linked through a common collector wallet.
The $18.43 million figure is Wazz’s estimate and has not been independently reproduced in full. The Block reviewed the investigation and confirmed the sniping mechanics associated with 10 of the listed launches, as well as one of the fund flows used to connect projects.
Wallet Clusters Controlled Large Portions of Token Supply
Wazz said most of the launches involved between 70 and 200 wallets that acquired more than 70% of a token’s supply shortly after launch. Many of the projects were deployed through Pons V2, a token launch platform operating on Robinhood Chain.
The Block’s review found a similar pattern in nine launches from late August onward. In those cases, creators exempted between 15 and 25 wallets from Pons V2’s early-buy tax, after which a separate transaction purchased tokens for the exempt addresses. The creator and those wallets ultimately held between 82% and 86% of the token supply in the reviewed launches.
The review also found that nine of those launches used the same unverified contract created on Aug. 28 for bundled opening purchases. Wazz said the contract was a commercial bundling tool with unrelated users, and The Block said it could not determine who operated it. Of the 53 launches identified by Wazz, 25 reportedly used the tool.
CRUMBS, LEGS and PINK Among Largest Extractions
Three of the largest individual extractions identified by Wazz involved CRUMBS, LEGS and PINK. The analyst attributed approximately $3.12 million to CRUMBS, $2.9 million to LEGS and $1.44 million to PINK.
The projects were connected using several on-chain indicators rather than a single wallet relationship. Wazz said proceeds from one launch were repeatedly routed into wallets used to fund subsequent launches, while shared signing keys and collector addresses provided additional links between projects.
Some of the projects also allegedly used fake pre-launch markets contracts to attract buyers before publishing the official contract address. The Block reported that Wazz identified groups of similarly named launches involving CRUMBS, PINK and DEED and alleged that earlier versions were used before the genuine contracts were released. That claim remains an allegation from the analyst rather than an independently established conclusion.
Investigation Raises Questions Over Launch Mechanics
The findings center on how early token purchases were organized and funded. Pons V2 uses an early-buy tax intended to deter sniping, while its system allows creators to exempt designated addresses from the tax for bundled purchases. The on-chain review found that this mechanism was used across several launches where a small group of wallets acquired a large share of supply immediately after deployment.
The identities of the individuals controlling the wallets have not been established by the available reporting. The Block also did not independently reproduce Wazz’s $18.43 million aggregate figure, making the total an attributed estimate rather than a fully verified loss calculation.
The investigation leaves the identities financial of the operators, the relationships among the wallet clusters and the full amount extracted as open questions requiring further on-chain analysis.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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