Pons

Robinhood

Ethereum

An anonymous onchain analyst says a single operation pulled at least $18.43 million out of 53 memecoin launches on <a href="https://www.thestreet.com/crypto/markets/robinhood-ceo-says-tokenization-is-coming-to-america-after-sec-ruling" rel="noopener noreferrer nofollow">Robinhood Chain</a> in about two months.
The analyst, who goes by Wazz, posted the findings <a href="https://x.com/WazzCrypto/status/2104194307628621976?s=20" rel="noopener noreferrer nofollow">on X</a> on Sept. 26 and called it the biggest serial rug-pull operation on the network.
Wazz says the launches took place between July 10 and Sept. 21. The total is likely higher, the analyst added, since it counts only what could <a href="https://www.thestreet.com/crypto/markets/robinhood-gets-second-bullish-wall-street-call-in-two-days" rel="noopener noreferrer nofollow">be directly linked</a>.
According to the thread, groups of 70 to 200 wallets took 70% or more of the supply in nearly every launch. Wazz also said most of the money now sits in ETH, which cannot be frozen.
As per <a href="https://www.theblock.co/news/defi/2026-09-27-onchain-analyst-links-18-4-million-in-robinhood-chain-memecoin-extractions-to-single-rug-pull-operation-416960" rel="noopener noreferrer nofollow">The&nbsp;Block</a>, 10 of the listed launches were sniped, along with one trail of funds. It did not independently confirm the $18.43 million total.
<a href="https://www.thestreet.com/crypto/markets/analyst-says-xrp-could-be-ready-for-a-big-move" rel="noopener noreferrer nofollow">Related: Analyst says XRP could be ready for a big move</a>
<h2 id="how-the-sniping-worked">How the sniping worked</h2>
Most tokens were launched on Pons V2, the leading launchpad on the network. It charges a heavy tax on early buys to keep bots away, but creators can exempt up to 32 wallets.
According to The Block, in nine launches from late August, creators exempted 15 to 25 wallets, and a single transaction bought out each token <a href="https://in.investing.com/news/stock-market-news/why-is-robinhood-markets-stock-rallying-today-93CH-5577834" rel="noopener noreferrer nofollow">within a few blocks</a>. Creators and exempt wallets ended up holding 82% to 86% of supply.
In one example, The Block traced 179.88 ETH from wallets tied to a token called DRAFT to the wallet that later funded another launch, DEED, 40 minutes before it went live.
Wazz's list puts CRUMBS at the top of the extractions with $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million.
<a href="https://www.thestreet.com/crypto/markets/if-you-invested-1000-in-gold-bitcoin-10-years-ago-heres-how-much-money-youd-have-today" rel="noopener noreferrer nofollow">Related: If you invested $1,000 in gold &amp; Bitcoin 10 years ago, here's how much money you'd have today</a>

$18.43M crypto shock hits Robinhood chain as 53 tokens face scrutiny

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