A blockchain investigation has extended the suspected rug-pull operations on Robinhood Chain to 56 memecoin launches, with an estimated take of $15.5 million, according to analysis published by Bitquery on September 28.
Bitquery's report examined activity through September 23, two days after an earlier estimate of $18.43 million had been reported by pseudonymous analyst Wazz. While The Block verified some of Wazz's observations, it could not replicate the figures. Bitquery's lower estimate of approximately $15.5 million was based on transaction data and represented net proceeds, with a stricter accounting method yielding $12.4 million.
How the Scheme Operated
Most of the traced activity occurred on Pons, a token launchpad running on Robinhood Chain. The platform uses bonding curves to sell new tokens, allowing earliest buyers to access the lowest prices. To prevent front-running, Pons initially charges a 99% tax on purchases, which reduces to zero within five seconds. Token creators can exempt certain wallets from this tax.
Bitquery traced one incident involving the DEED token launch on September 21. Approximately 40 minutes before the token went live, one wallet associated with the group funded the creation of 92 new addresses. In the next block, 25 tax-exempt wallets purchased roughly two-thirds of the total supply, leaving no tokens available to other buyers at launch prices.
Across 35 launches connected to the group, Pons collected only 1.9 ETH in snipe tax, indicating the wallet exemptions significantly diminished the tax's effectiveness in preventing early capture.
Broader Market Pattern
Bitquery identified 467 additional clusters using the same exemption-and-bundle approach on Pons, with a combined possible earning of $11.6 million. This suggests the practice extends well beyond a single operation.
The trend is not limited to Robinhood Chain. Memecoin launchpads on Circle's Arc platform accounted for approximately 82% of the volume on decentralized exchanges on the first day, contributing $410.8 million.
Pons generated $90 million in fees within a month, highlighting the significant activity driven by launchpads. A February 2025 SEC statement noted that transactions involving meme coins matching its description generally do not involve securities, though different facts could lead to different conclusions.
Structural Risk
The analysis underscores a broader market concern: the same tools that make token launches fast and accessible can also enable coordinated early capture at minimal cost and with high repeatability. The issue appears more structural than isolated to a single operation.
