Analyst ties 53 Robinhood Chain memecoins to one $18.4m operation

An on-chain analyst who posts as Wazz has linked 53 memecoin launches on Robinhood Chain, Robinhood’s own blockchain network, to a single operation that he says extracted 7,447.45 ETH, about $18.43 million, between 10 July and 21 September 2026. “The same operation is linked 53 launches within a 2 month period,” he wrote on X on 27 September, adding that the total is “very likely more this is just what I could directly link”.

What ties the launches together, he writes, is money: “the proceeds of one launch pay the key that funds the next, usually seconds before that key signs the next funding batch.” At Chainlink’s ETH/USD price of $2,691.09 at 16:22 UTC on 28 September 2026, the 7,447.45 ETH is worth about $20.0 million; the $18.43 million is Wazz’s own valuation.

How are the 53 launches linked?

Wazz links 45 of the 53 launches by money, 4 by shared signing keys and 4 by a shared collector wallet, according to his thread of 27 September 2026. In the money links, “the hub of one launch pays the funding key of the next”: the wallet that gathers one token’s proceeds pays the key that funds the wallets buying the next token. In the key links, “the same private key signed the funding batch for two different launches”.

His worked example runs from one launch to the next in three transactions. The 98 wallets from an earlier launch, DRAFT, “swept 179.88 ETH into a hub”, about $484,070 at the Chainlink price. The hub paid an intermediate wallet, which “paid 20 ETH to DEED’s funding key”, about $53,820. “16 seconds later that key signed DEED’s funding batch.” The DRAFT token was launched through Pons V2 at 23:45:04 UTC on 10 September 2026, according to the Robinhood Chain explorer.

Which launches took the most?

CRUMBS took the most in dollars, about $3.12 million, and LEGS the most in ether, 1,155.32 ETH, according to the launch board Wazz posted on 27 September 2026. Every token in the excerpt he posted fell more than 98% from its peak. The DEED launch that started his investigation “doesn’t even make it to the top 10”: it comes 11th, with 228.92 ETH, about $629,100 by his figures.

Source: Wazz’s launch board on X. The dollar values are his, at the prices he used; at the Chainlink price above, LEGS’s 1,155.32 ETH is worth about $3.1 million.

How one wallet group held 86% of CRUMBS

At the CRUMBS launch at 23:57 UTC on 8 September 2026, 830,000,000 of the 1,000,000,000 tokens went to 15 declared wallets in one transaction in the launch second, plus 30,000,000 to the deployer, giving the operation 86% of the supply, according to Wazz’s CRUMBS case. He counts the money extracted as the wallets’ sale proceeds plus the deployer’s creator fees, less what each wallet paid for its tokens: 1,135.93 ETH for CRUMBS.

The 15 wallets were declared exempt from the launchpad’s anti-sniping tax, his case file shows. Pons V2, the launchpad behind 34 of the 53 launches, charges that tax on early buys: “The tax starts at 99% of a buy and decays exponentially to zero across the first 5 seconds,” its documentation says. The launching address is exempt automatically, and “a creator can name further addresses at creation for a team bundling its opening buys across several wallets”, up to 32 of them. CRUMBS peaked at a market value of $7.99 million 1.7 minutes after launch and was worth $37,215 on 23 September, a 99.5% fall, by his figures. The deployer also claimed $400,440 in creator fees, 146 ETH, in 14 claims between 9 and 21 September.

Before some of the real launches the operation ran fake ones, Wazz writes: it built up interest in a token, released copies that “pre scammed” buyers, then announced the contract address of the real one.

Where is the money now?

Most of it is still in ether: Wazz counts 6,249.96 ETH in 44 holding wallets on Robinhood Chain and Ethereum, read on 26 September 2026, which he values at about $18.11 million. At the Chainlink price of $2,691.09 on 28 September, that ETH is worth about $16.8 million. For CRUMBS alone, five wallets that have never sent a transaction hold 1,073.34 ETH, about $2.89 million, by his count. “Most of the money is sitting on $ETH so its not freezable,” he wrote, adding that he has “tagged every single involved wallet in this operation” in his own database, which he plans to release.

He says he has found at least two other serial deploying operations on the chain that “also extracted millions with dozens of launches”, and calls this one “the biggest ring identified by far”.

What is Robinhood Chain?

Robinhood Chain is Robinhood’s own layer 2 blockchain, built on the Arbitrum Platform, and Robinhood opened its public mainnet on 1 July 2026. “Robinhood Chain creates a permissionless environment for builders to innovate seamlessly,” Robinhood’s announcement said, so anyone can deploy a token on it. Arbitrum counts it among an “ecosystem of 30+ dedicated blockchains” settling through its platform. The chain’s ID is 4663, and its official block explorer runs on Blockscout, according to Robinhood’s documentation.

Pons V2 is the launchpad Wazz names for most of the launches. “A creator deploys a token, the public buys it from a bonding curve, and once the curve is bought out the launch graduates into a Uniswap v4 pool whose liquidity is locked permanently,” its documentation says. “Every step is a transaction your own wallet signs.”