Pons V2 Exemptions Put Robinhood Chain Memecoins Under Scrutiny
A reported $18.43M pulled from 53 memecoin launches feels like a network-wide failure. The documented proof, nevertheless, sits virtually solely in token-launch mechanics, pockets funding trails, and anti-sniping exemptions on a single launchpad, not within the Robinhood Chain base layer.
Pseudonymous onchain analyst Wazz revealed a thread on Sunday alleging that one coordinated operation extracted at the least $18.43M from 53 token launches on Robinhood Chain between July 10 and September 21.
The Block reviewed the claims and confirmed the sniping sample on 10 of the listed launches, plus one of many fund flows Wazz used to hyperlink the launches. It didn’t independently replicate the $18.43M headline determine.
The Robinhood Chain Memecoin Boom Created the Setting for the Allegations, But How?
Robinhood launched Robinhood Chain, an Ethereum layer 2 constructed with Arbitrum’s tech stack, on July 1. Memecoins and stock-linked tokens have pushed the majority of the community’s buying and selling exercise since, with charges from the Pons launchpad pushing the chain to a document $6M in charges in a single day earlier this month.
Robinhood’s decision to subsidize gas costs on the chain has stored deployment low-cost and constant, which is strictly what makes a 53-launch, two-and-a-half-month extraction scheme mathematically believable.
High-volume, low-friction token issuance isn’t itself proof of an exploit. It is the terrain on which this type of operation will get constructed.
The Evidence Points to Coordinated Launches, Not a Base-Layer Exploit
Wazz says practically each launch on the record was sniped for 70% or extra of provide by bundles of 70 to 200 wallets, most of them deployed via Pons V2.
The analyst linked 45 launches by tracing funds from one launch’s assortment pockets instantly into the following token’s funding pockets, 4 extra via non-public keys used to signal batch funding transactions, and one other 4 via a shared collector pockets.
CRUMBS topped the record at $3.12M, adopted by LEGS at $2.9M and PINK at $1.44M. Wazz says two further serial deployers extracting funds from Robinhood Chain couldn’t be linked to this group, which means whole publicity throughout the ecosystem may exceed the headline quantity.
None of this establishes who was behind the wallets. Wazz’s attribution rests on transaction patterns, shared keys, recurring funding routes, and customary collector addresses, which is powerful circumstantial proof of coordination however not proof of a real-world identification or obligation.
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How Pons V2’s Anti-Sniping Mechanism Was Used on Robinhood Chain
Pons V2 sells new tokens alongside a bonding curve and, per its personal documentation, prices a 99% snipe tax on buys within the first seconds after launch, falling to zero inside about 5 seconds.
Creators can waive that tax by bundling opening buys throughout as much as 32 wallets, a professional characteristic for coordinated launches that turns into a legal responsibility the second it’s abused.
In 9 launches from late August onward reviewed by The Block, creators exempted 15 to 25 wallets from the tax, and a single transaction one to 3 blocks later purchased tokens for each one among them without delay.
That transaction emptied the bonding curve and pushed the token straight right into a Uniswap v4 pool, leaving the creator and exempt wallets holding 82% to 86% of provide earlier than public patrons had an opportunity.
All 9 opening buys ran via one unverified contract created on August 28. Of the 53 launches on Wazz’s record, 25 used it. Wazz described it as a industrial bundling device with many unrelated customers.
A looser model of the identical sample appeared earlier, on August 12, when EQUITY’s creator exempted 31 wallets, and 21 of them purchased inside a couple of second of launch, leaving the group with 65.7% of the availability.
DEED Shows How One Launch’s Proceeds Could Fund Another
The fund-flow investigation facilities on DEED, which Wazz claims initiated the inquiry. On September 14, 98 wallets holding the sooner token DRAFT transferred 179.88 ETH to at least one deal with in underneath three seconds, then moved it to a different pockets beginning with 0x9d06.
On September 21, this pockets routed funds to a pockets starting with 0xf268, which despatched 15.98 ETH to 50 addresses, together with DEED’s creator and different exempt wallets. DEED launched 40 minutes later, with these wallets holding 86% of the availability.
The Block tracked the sale of 130.75 ETH from 92 wallets funded via 0xf268 and an extra 69.06 ETH in creator charges, totaling round 199.8 ETH (roughly $535,000). Wazz’s depend reveals barely totally different totals as a result of diversified pockets inclusion, estimating 228.92 ETH for DEED after changes.
On September 24, the 0x9d06 pockets deposited roughly 86.5 ETH into the Relay bridge, changing it to about 231,000 DAI and preserving most funds in ETH, which is tough to freeze.
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