An Analyst Followed the Money on Robinhood Chain. 53 Launches Led to One $18M Operation
Pseudonymous on-chain analyst Wazz has linked 53 token launches on Robinhood Chain to a single operation that extracted at the very least $18.43 million between July and September.
The findings, printed on X on September 27, arrive weeks after the chain’s meme coin buying and selling hit document ranges, with its launchpads clearing greater than $1 billion in a single day.
How One Launch Paid for the Next
Wazz traced 45 of the 53 launches by means of cash flows. Proceeds from one token had been swept right into a hub pockets, which then paid the funding key for the next launch.
In one instance, DRAFT’s 98 wallets swept 179.88 ETH right into a hub. The hub paid an middleman pockets, which despatched 20 ETH to DEED’s funding key. That key signed DEED’s funding batch 16 seconds later.
“What ties them collectively is cash: the proceeds of 1 launch pay the key that funds the subsequent, normally seconds earlier than that key indicators the subsequent funding batch,” the submit learn.
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4 extra launches shared a non-public key, and one other 4 shared a collector pockets. Bundles of 70 to 200 wallets purchased up almost each token.
CRUMBS topped the record at $3.12 million extracted, adopted by LEGS at $2.9 million and PINK at $1.3 million. Each fell greater than 99% from its peak.
Roughly $18.11 million nonetheless sits unspent in holding wallets on Robinhood Chain and Ethereum (ETH).
How Pons V2’s Snipe Tax Exemption Fits In
Of the 53 launches, 34 ran by means of Pons V2, the chain’s dominant launchpad. Pons prices a 99% tax on buys in the launch second, which drops to zero inside seconds.
Creators can pre-declare wallets exempt from that tax in the launch transaction, so these wallets purchase at zero tax whereas everybody else in the identical second pays 99%. Wazz’s information reveals the declared wallets took as a lot as 86% of provide in the launch second.
BeInCrypto has not independently verified the pockets linkages, which relaxation solely on Wazz’s evaluation.
The operation grew alongside the chain itself. Robinhood Chain went dwell on July 1 as a Layer 2 constructed for tokenized shares, however speculative buying and selling shortly took over, as BeInCrypto reported. Dune information reveals day by day decentralized alternate (DEX) quantity peaked at $3.78 billion on September 4, up from principally beneath $1 billion by means of July and August.
Launchpad token quantity reached $1.5 billion that day, with Pons alone dealing with $818.7 million. The Pons (PONS) token has cleared $2.74 billion in lifetime quantity throughout 139,426 merchants.
That development can be what the ring fed on. Wazz mentioned the evaluation recognized at the very least 2 additional serial operations that extracted tens of millions however couldn’t be tied to this one.
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The submit An Analyst Followed the Money on Robinhood Chain. 53 Launches Led to One $18M Operation appeared first on BeInCrypto.
