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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/28/2026

Robinhood Chain Rug-Pull Operation Extracts $18.4M Across 53 Memecoin Launches

What happened: Onchain analyst "Wazz" revealed a coordinated rug-pull operation that siphoned at least $18.

Robinhood Chain Rug-Pull Operation Extracts $18.4M Across 53 Memecoin Launches

What happened: Onchain analyst "Wazz" revealed a coordinated rug-pull operation that siphoned at least $18.43 million from 53 memecoin launches on Robinhood Chain between July 10 and September 21, 2026. The operation leveraged the Pons V2 launchpad, with creators exempting select wallets from a 99% anti-sniping tax, allowing those wallets to acquire up to 86% of token supplies within seconds. Funds were traced through a network of linked wallets, with top extractions including $3.12M from CRUMBS and $2.9M from LEGS. The extracted ETH was ultimately bridged back to Ethereum and converted to DAI.

Why it matters: This case highlights the risks of centralized control in token launches and the sophistication of serial extraction schemes. Wazz identified two additional, unlinked serial operations, suggesting the actual scale of losses on Robinhood Chain is materially higher than the $18.43M headline. The incident raises questions about the adequacy of anti-sniping protections and the transparency of launchpad operations.

Source: The Block