Robinhood Chain Memecoins Come Under Review Following Pons V2 Exemptions

A reported $18.43 million extracted from 53 memecoin launches has raised concerns about activity surrounding Robinhood Chain. However, the evidence reviewed so far points to token-launch mechanics, wallet funding patterns and anti-sniping exemptions on a launchpad rather than a vulnerability in the network’s underlying infrastructure.

Pseudonymous onchain analyst Wazz alleged Sunday that a coordinated operation extracted at least $18.43 million from 53 Robinhood Chain token launches between July 10 and September 21.

The Block reviewed the allegations and confirmed the reported sniping behavior in 10 of the launches, along with one of the fund flows Wazz cited as evidence connecting the projects. It did not independently verify the full $18.43 million figure.

Memecoin Activity Sets the Stage

Robinhood launched its Ethereum layer 2, Robinhood Chain, on July 1 using Arbitrum technology. Memecoins and stock-linked tokens have since generated a significant portion of the network’s trading activity.

Pons, the launchpad involved in the allegations, has been a major source of that activity. Fees generated through the platform helped Robinhood Chain reach a record $6 million in fees in a single day earlier this month.

Robinhood’s decision to subsidize gas has also made token deployment inexpensive and relatively consistent. That setup makes an operation involving 53 launches over roughly two and a half months technically plausible.

Still, frequent and inexpensive token issuance is not itself evidence of an exploit. It simply provides the conditions under which coordinated launch and funding strategies can operate.

Wallet Transfers Suggest a Coordinated Pattern

Wazz said nearly every launch in the alleged group experienced sniping, with bundles involving 70 to 200 wallets acquiring 70% or more of the supply. Most of the transactions reportedly used Pons V2.

The analyst connected 45 launches by tracking payments from the collection wallet of one project to the funding wallet of another. Four more were linked through private keys that signed batch-funding transactions, while another four shared a collector wallet.

CRUMBS had the largest alleged extraction at $3.12 million, followed by LEGS at $2.9 million and PINK at $1.44 million.

Wazz also identified two additional groups of serial deployers allegedly extracting funds from Robinhood Chain that could not be connected to the same group. Their activity could push the total exposure above the reported $18.43 million.

The wallet analysis does not establish the identities of those involved. Wazz’s attribution relies on transaction patterns, shared keys, recurring funding routes and common collector addresses. These indicators can support a conclusion of coordination but do not establish real-world identities or legal liability.

How Pons V2’s Exemption System Works

Pons V2 launches tokens through a bonding curve. According to its documentation, purchases made within the first few seconds face a 99% snipe tax, with that charge declining to zero after about five seconds.

Creators can exempt initial purchases from the tax by bundling buys across up to 32 wallets. The feature can be useful for legitimate coordinated launches but also creates an avenue for abuse.

The Block reviewed nine launches from late August onward in which creators exempted between 15 and 25 wallets. A single transaction one to three blocks later then purchased tokens for all of those wallets.

Those transactions emptied the bonding curve and moved the tokens directly into a Uniswap v4 pool. The creator and exempt wallets consequently held 82% to 86% of the supply before public buyers had an opportunity to participate.

All nine launches used the same unverified contract, created on August 28. Wazz described it as a commercial bundling tool that is also used by unrelated users. Twenty-five of the 53 launches in the analyst’s list reportedly used the contract.

A similar pattern appeared earlier with EQUITY. On August 12, its creator exempted 31 wallets, with 21 purchasing tokens within approximately one second of launch. Those wallets ultimately held 65.7% of the supply.

DEED Reveals the Funding Trail

DEED was central to Wazz’s investigation into the alleged operation.

On September 14, 98 wallets holding DRAFT sent 179.88 ETH to a single address in less than three seconds. The funds were then transferred to another wallet beginning with 0x9d06.

On September 21, 0x9d06 moved funds to an address beginning with 0xf268. That wallet subsequently distributed 15.98 ETH among 50 addresses, including DEED’s creator and other wallets that had received exemptions.

DEED launched about 40 minutes later, with those wallets collectively controlling 86% of the supply.

The Block tracked 130.75 ETH in sales from 92 wallets funded through 0xf268, plus 69.06 ETH in creator fees. The combined amount was approximately 199.8 ETH, worth around $535,000.

Wazz’s adjusted calculation came to 228.92 ETH because his analysis included a different set of wallets.

On September 24, the 0x9d06 wallet transferred approximately 86.5 ETH to the Relay bridge, converting it into around 231,000 DAI while leaving most of the remaining funds in ETH.

The evidence reviewed so far therefore centers on launchpad features, coordinated funding and wallet distribution patterns. It does not establish a direct technical exploit of Robinhood Chain’s base layer.