The rapid growth of memecoin activity on Robinhood Chain is facing an uncomfortable test after pseudonymous on-chain analyst Wazz alleged that 53 token launches were connected to a coordinated rug-pull operation that extracted at least $18.43 million between July 10 and September 21, 2026.
The investigation highlights how sophisticated wallet coordination can make seemingly independent token launches part of a single financial operation. According to Wazz, the connection was established primarily through the movement of funds.
Forty-five of the 53 launches were allegedly linked because proceeds from one project were subsequently used to finance wallets involved in another. Four additional launches shared the same private key for funding batches.
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While another four were connected through a common collector wallet. These relationships formed what Wazz described as a repeated cycle in which profits from one launch financed the next. The mechanics of the launches are particularly significant.
Wazz said most projects used Pons V2 and that groups of roughly 70 to 200 wallets frequently acquired more than 70% of a token’s supply shortly after launch. The Block independently reviewed 10 launches from the list and confirmed the sniping mechanics.
Finding that selected wallets could accumulate between 82% and 86% of supply in the opening transactions. However, The Block did not independently reproduce Wazz’s full $18.43 million estimate. The alleged strategy exploited the structure of early token trading.
Pons V2 uses an anti-sniping tax designed to discourage automated purchases immediately after launch, but creators can exempt designated addresses. According to the on-chain review, several launches used these exemptions for groups of wallets that subsequently purchased tokens in coordinated transactions.
That created an appearance of broad participation while allowing a concentrated group to control a substantial portion of supply almost immediately. The financial scale varied considerably between projects.
Wazz identified CRUMBS as the largest alleged extraction at approximately $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million. These figures demonstrate how a repeated launch-and-extraction model can generate significant proceeds even when individual tokens have short trading lives.
Another element of the investigation involves alleged fake pre-launch contracts. Wazz said some projects appeared to generate hype around a token before directing buyers toward the official contract address, potentially creating additional opportunities to capture liquidity from traders acting on incomplete or misleading information.
This allegation remains part of Wazz’s broader investigation rather than an independently established finding. The episode also illustrates an important characteristic of blockchain investigations: transparency does not automatically prevent fraud.
But it can provide investigators with a detailed financial trail. Wallet relationships, transaction timing, funding sources, private-key signatures and token distributions can reveal patterns that would be difficult to identify through conventional financial records.
The $18.43 million figure should be treated as an investigative estimate rather than an audited loss total. The Block verified parts of the alleged mechanics and one funding trail but did not independently confirm the complete amount.
No individuals behind the wallets have been publicly identified or charged based on the reporting reviewed. The investigation underscores the challenge facing rapidly expanding token ecosystems.
Open issuance and fast liquidity can encourage innovation, but they can create opportunities for coordinated extraction. The episode reinforces the importance of examining token distribution, deployer funding, wallet concentration and transaction history before treating a new launch as genuine market participation.