Robinhood Chain: Analyst Ties $18.43M From 53 Memecoin Launches to One Ring

Just before 8pm New York time on Monday 21 September 2026, a new memecoin called DEED went on sale on Robinhood Chain, the blockchain network run by the American trading app Robinhood. Within moments, a small set of wallets, paid for out of the proceeds of an earlier coin, held 86% of every DEED token in existence. Anyone who bought after that was buying from them.

Six days later, on 27 September, a pseudonymous on-chain analyst who posts on X as Wazz published what he called "the biggest serial Rugpulling and Extraction operation on Robinhood". His thread tied DEED to 52 other launches between 10 July and 21 September and put the money taken at $18.43 million, adding: "very likely more this is just what I could directly link." By 1 October the opening post had passed 1.5 million views.

The allegations are Wazz's, and they concern wallets, not people. Nobody has been identified or charged. Nothing in the thread accuses Robinhood of running or profiting from the scheme, and nothing accuses Pons, the token-making app most of the launches used. The Block, a crypto news outlet, checked part of the work: it confirmed the buying pattern on 10 of the launches and one of the money trails, but did not independently reproduce the $18.43 million total.

A stockbroker's new blockchain

Robinhood is best known as the commission-free share trading app, with about 28.6 million funded customers. In June 2025, at an event in Cannes, it announced it would build its own blockchain: a shared public ledger where trades are recorded and settled, much like a stock exchange's settlement system but open to anyone. A public test version opened on 10 February 2026, and the live network went up on 1 July 2026 at a keynote in London led by chief executive Vlad Tenev.

Robinhood Chain is built on Arbitrum, a technology for running cheaper, faster networks that settle back to Ethereum, the second-largest blockchain, the way a regional clearing house settles with a central one. Its headline product is Stock Tokens, digital copies of US shares and funds that trade around the clock, offered to customers outside the United States.

The network is also permissionless. Anyone can create a token on it without asking Robinhood, much as anyone can print a flyer without the printer checking what it says. Memecoins arrived almost at once. A memecoin is a token with no business behind it, priced purely on attention, closer to a raffle ticket than a share.

Most of them were made on Pons, an app that lets anyone create a token for about a dollar, the Robinhood Chain equivalent of Pump.fun on the Solana network. On 2 September alone, CoinDesk reported, nearly 25,000 tokens were launched through Pons, and it collected about $5.95 million in fees in 24 hours.

How the ring worked, step by step

The closest stock-market comparison is a flotation where insiders are allocated almost all the shares before the public order book opens, then sell to the public on the first morning of trading. On Pons it worked like this, according to Wazz and The Block.

First, the money. Before each launch, proceeds from earlier coins were split across dozens of fresh wallets, the crypto equivalent of opening dozens of brokerage accounts in different names. Wazz says each launch used a bundle of 70 to 200 of them.

Second, the guard rail. Pons V2 sells a new token on a bonding curve, a price formula that raises the price automatically with every purchase, like a vending machine that charges more for each can it sells. To stop automated "sniper" programs buying everything in the first instant, it charges a 99% tax on purchases made right after launch, falling to zero over about five seconds. A token's creator may name up to 32 wallets that are exempt from the tax, a feature meant for a genuine team buying its own allocation.

Third, the grab. In nine launches from late August that The Block examined, creators exempted 15 to 25 wallets. One to three blocks after launch, a fraction of a second on this network, a single transaction bought tokens for all of them at once. That one order emptied the bonding curve, moved the token onto Uniswap v4, a public automated trading pool, and left the creator and the exempt wallets holding 82% to 86% of the supply. Everyone else had faced a 99% tax for trying to do what they did for free.

Fourth, the sale. With most of the supply in hand, the group sold to the public buyers who followed and collected creator fees on the trading. Wazz says the crew sometimes ran decoy launches first: CRUMBS, PINK and DEED were each launched three times within about 24 hours, catching buyers who chased the name before the real contract appeared.

Fifth, the loop. Proceeds were swept to a collecting wallet and used to fund the wallets for the next launch.

The biggest takes

On Wazz's list, CRUMBS was the largest at $3.12 million, taken through a 92-wallet bundle. LEGS followed at $2.9 million with 77 wallets, and PINK at $1.44 million with 125. Those three come to $7.46 million. The other 50 launches make up the remaining $10.97 million.

©CMZ chart. Data: Wazz, via The Block and CryptoTimes

DEED, the launch that started the investigation, did not make the top ten. Its money trail is the best documented. On 14 September, 98 wallets holding an earlier token, DRAFT, sent a combined 179.88 ETH (ether, Ethereum's own currency) to one address in under three seconds, and the money moved on to a wallet beginning 0x9d06. On 21 September that wallet funded another, beginning 0xf268, which sent 15.98 ETH to 50 addresses, including DEED's creator and its exempt wallets. DEED launched about 40 minutes later. The Block counted 130.75 ETH of sales from 92 wallets funded this way, plus 69.06 ETH in creator fees: about 199.8 ETH, or roughly $535,000. Wazz's own count for DEED was 228.92 ETH.

On 24 September the 0x9d06 wallet sent about 86.5 ETH through Relay, a service that moves money between blockchains, and turned it into roughly 231,000 DAI, a digital dollar, on Ethereum. Most of the rest stayed in ETH, which has no company behind it that can freeze an account. ## How the wallets were tied together

Wazz linked the 53 launches in three ways. For 45 of them he followed payments directly: the wallet that collected one launch's proceeds paid the wallet that funded the next. Four more were joined because the same private keys, the secret passwords that authorise a wallet's payments, signed batches of funding transactions. The last four sent their proceeds to a shared collecting wallet.

Some of the evidence is weaker than it looks. Twenty-five of the 53 launches placed their opening buys through the same unverified contract, created on 28 August. Wazz himself described it as a commercial bundling tool with many unrelated users, so using it does not by itself put a launch in the ring. And on-chain links show that wallets were controlled together. They do not show who controls them.

A second count arrived a day later. Bitquery, a blockchain data company, published its own analysis on 28 September linking 56 launches to the same crew and putting the take at about $15.5 million, using data up to 23 September. The totals differ; the conclusion, one organised crew, does not.

Wazz said he also found two other serial launch operations on the chain that he could not connect to this group.

Who answers for it

So far, nobody. No person has been named, no frozen funds have been announced, and no regulator or police force has said it is investigating. The Block said it asked Pons and Robinhood for comment. As of 1 October neither had responded publicly to the findings.

The silence sits awkwardly beside the chain's growth. CryptoSlate reported that Robinhood Chain reached $1.5 billion in deposits in under 90 days and earned about $50 million in revenue, roughly $40 million of it in September, a month in which memecoin launches drove much of the activity. Robinhood earns a small fee on each transaction its chain processes, according to remarks by its chief financial officer, Shiv Verma, reported by CoinDesk. That includes the transactions made by the ring.