Wazz links 53 Robinhood Chain token launches to one ring that took at least $18.43M
On-chain analyst Wazz says 53 Robinhood Chain token launches over about two months were tied to one ring that extracted at least $18.43 million from buyers.
Why it matters
The finding comes from an analyst's own on-chain tracing, and none of the sources here reports a response from Robinhood, the chain's operators or a regulator. Robinhood Chain is a permissionless Ethereum layer 2 whose mainnet opened on July 1, so tokens can be deployed by anyone, and CryptoSlate said the GoPlus operation showed the same 70-to-200-wallet structure and raises pressure for wallet warnings and supply-concentration screening. Wazz said his total covers only activity traceable on-chain, so the actual loss is higher by an amount he did not give.
Where the sources disagree
What Wazz is
blockchain analytics firm
Bitcoin Insider
pseudonymous on-chain analyst posting as @WazzCrypto
Crypto News (CryptoNews.net), TheNewsCrypto, CryptoPotato
Bitcoin Insider calls Wazz a blockchain analytics firm, while Crypto News, TheNewsCrypto and CryptoPotato describe Wazz as a pseudonymous or on-chain analyst posting under the handle @WazzCrypto.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported market figure (supply)
70%
CryptoPotato
79.3%
CoinGape
CryptoPotato reports 70%, CoinGape reports 79.3% (12% apart).
Key facts
Wazz traced 53 Robinhood Chain token launches over roughly two months to one coordinated rug-pull operation.
53 token launchesReported by Crypto News (CryptoNews.net)
The operation extracted at least $18.43 million from buyers, and Wazz said the real figure is likely higher because his analysis covered only directly traceable activity.
18,430,000 USDDisputed figureReported by Crypto News (CryptoNews.net)
Forty-five of the 53 launches were linked by direct on-chain fund flows, four by the same private key signing funding batches and four by a shared collector wallet.
45 launchesReported by Crypto News (CryptoNews.net)
Almost every launch was sniped for more than 70% of supply using bundles of 70 to 200 wallets, with most deployed through Pons V2.
70 %Disputed figureReported by Crypto News (CryptoNews.net)
CRUMBS was one of the three largest extractions, with $3.12 million taken through a 92-wallet bundle.
3,120,000 USDReported by Crypto News (CryptoNews.net)
LEGS was one of the three largest extractions, with $2.9 million taken through a 77-wallet bundle.
2,900,000 USDReported by Crypto News (CryptoNews.net)
PINK was one of the three largest extractions, with $1.44 million taken through a 125-wallet bundle.
1,440,000 USDReported by Crypto News (CryptoNews.net)
GoPlus said hundreds of Robinhood Chain memecoins routed more than $9 million in gross flows through a common fund-consolidation network over 30 days to September 28, its main consolidation wallet recording about 3,589 ETH.
9,490,000 USDReported by CryptoSlate
What happened
Wazz, an on-chain analyst who posts as @WazzCrypto, published an investigation on September 27 tying 53 Robinhood Chain token launches over roughly two months to a single ring that pulled at least $18.43 million from buyers, and TheNewsCrypto called it the largest coordinated rug-pull operation traced on the chain to date. He said the search started with a token called DEED, which was not among the ten launches with the most extracted, and grew into a network of launches that shared funding routes and wallets. Forty-five launches were joined by direct on-chain fund flows, four by a private key that signed funding batches for different launches, and four by a collector wallet that received proceeds from several projects. Almost every launch was sniped for more than 70% of supply with bundles of 70 to 200 wallets, most deployed through Pons V2, Wazz said he tagged every wallet he found involved, and the three largest extractions were CRUMBS at $3.12 million via a 92-wallet bundle, LEGS at $2.9 million via a 77-wallet bundle and PINK at $1.44 million via a 125-wallet bundle. Bitcoin Insider reported that CryptoBriefing put the loss near $18 million while Coinfomania and The Cryptonomist EN used $18.43 million, and it described Wazz as an analytics firm where Crypto News and CryptoPotato describe a pseudonymous analyst. Separately, CryptoSlate reported that GoPlus identified another suspected rug factory behind hundreds of Robinhood Chain memecoins that routed more than $9 million in gross two-way flows through a common fund-consolidation network over 30 days to September 28, with no outlet in this set linking that operation to Wazz's ring.
How the story developed
- First report
First report by CoinGape
Telegram Trading Lands on Robinhood Chain as Zappin Offers 90% Fee Cashback in ETH
- Update
Wazz publishes the tracing of 53 launches
The investigation covering roughly two months of launches, the link categories and the $18.43 million floor first appears in Crypto News.
- Update
GoPlus flags a second suspected rug factory
The security firm reported hundreds of memecoins routing over $9 million in gross flows through a shared consolidation network over 30 days to September 28, without linking it to Wazz's ring.
- Update
Bitcoin Insider reports a split in the loss figure
It cites CryptoBriefing near $18 million against $18.43 million from Coinfomania and The Cryptonomist EN, and calls Wazz an analytics firm.
- Update
TheNewsCrypto publishes wallet-bundle sizes for the three largest drains
CRUMBS via 92 wallets, LEGS via 77 wallets and PINK via 125 wallets, plus the finding that Wazz tagged every involved wallet.
- Independent corroboration
Independently corroborated by CryptoPotato
$18.4M Allegedly Extracted Across 53 Robinhood Chain Token Launches
- Update
CryptoPotato adds the DEED starting point and the funding-second timing
Wazz said DEED was not among the ten launches with the most extracted and that proceeds were sometimes moved seconds before the same funding key funded the next launch.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 07:58 UTC: CoinGape — 1 independent source, 1 reports
- 22 Sept 2026, 08:00 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 28 Sept 2026, 07:35 UTC: TheNewsCrypto — 3 independent sources, 8 reports
- 28 Sept 2026, 09:00 UTC: CryptoPotato — 4 independent sources, 9 reports
- 29 Sept 2026, 00:20 UTC: CryptoSlate — 5 independent sources, 10 reports
- 29 Sept 2026, 20:00 UTC: Crypto News Flash — 6 independent sources, 12 reports
Affected entities
Also mentioned: Hyperliquid, Circle, Chainlink
Original sources
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