Pseudonymous onchain analyst Wazz has published an investigation alleging a large, organized token extraction operation connected to 53 launches on Robinhood Chain over a two-month period. The wallets and transactions involved were linked through the movement of funds between launches.
Wazz estimates that the group extracted at least $18.43 million, though the analyst acknowledged the figure could be higher because the analysis only includes activity directly traceable onchain. The investigation began with the DEED launch, but Wazz identified a wider network of launches that appeared to share funding and wallet relationships.
Coordinated Fund Movement
According to the investigation, 45 of the 53 launches were connected through a pattern where proceeds from one token launch were moved through a hub and then used to fund another launch. In some cases, the transfer occurred only seconds before the same funding key was used for the next launch.
Four launches were connected through the same private keys signing funding batches. Four more were linked through a shared collector wallet that received proceeds from multiple launches. Almost every launch was sniped for more than 70% of the token supply, with launches often bundled with between 70 and 200 wallets.
Identified Patterns
In one example, 98 wallets associated with DRAFT moved 179.88 ETH into a hub. The hub then funded another wallet, which sent 20 ETH to the DEED funding key. Just 16 seconds later, that key signed DEED's funding batch.
Wazz also identified instances where the same token name appeared in multiple launches before the actual launch. The investigation flagged three PINK launches, three CRUMBS launches, and three DEED launches linked to the same operation. Wazz estimated that CRUMBS generated $3.12 million in extracted funds, while PINK generated $1.44 million.
At least two other serial deployment operations were also flagged that could not yet be directly linked to this network. Those operations allegedly extracted millions of dollars across dozens of launches. Much of the identified funds remain in ETH, meaning they cannot simply be frozen.
Robinhood Chain Revenue Growth
Meme coins and tokenized stocks have emerged as major drivers of trading activity across Robinhood Chain, the Arbitrum-based Ethereum Layer 2 network launched in July. Robinhood has reported around $50 million in revenue from the network to date, with monthly figures rising from roughly $3 million in July to about $7 million in August. Revenue climbed to approximately $40 million in September.
The findings do not allege any involvement by Pons, Robinhood, or the operators of the network in the alleged scheme.
