Analyst Wazz traces 18.4 million dollar extraction scheme across 53 Robinhood Chain launches
An onchain investigator has traced at least $18.43 million in extracted funds across 53 token launches on Robinhood Chain, Robinhood’s Arbitrum-based Layer 2 network, over a two-month span. The findings expose how bundled wallets and shared funding keys can drain new launches on a chain Robinhood has marketed for tokenized stocks and meme coin trading, even as the network’s own reported revenue climbed to roughly $40 million in September alone.
- Pseudonymous analyst Wazz linked 45 of 53 launches through a shared hub-and-funding-key pattern moving proceeds between projects.
- Almost every launch examined was sniped for more than 70% of its token supply using between 70 and 200 bundled wallets.
- Robinhood Chain’s reported monthly revenue rose from about $3 million in July to roughly $40 million in September, out of $50 million total since launch.
- $18.4M extracted funds Wazz linked to 53 launches
- 45/53 launches tied to the same funding-hub pattern
- $40M September chain revenue versus $3M in July
Pseudonymous onchain analyst Wazz published the findings in an investigation first reported by cryptopotato.com, alleging a coordinated extraction operation running across dozens of Robinhood Chain token launches. Wazz estimated the group pulled out at least $18.43 million, cautioning the real figure could be higher because the count only reflects activity traceable directly onchain. The inquiry began with a single launch called DEED, which analysts later found was not even among the ten highest-extracting projects once the wider network came into view.
Wazz Links DRAFT and DEED Through a 16-Second Funding Trail
The investigation found that 45 of the 53 launches shared a repeating mechanism: proceeds from one token were routed through a hub wallet, then used to fund the launch of the next. In several instances the transfer landed only seconds before the same key signed the following project’s funding batch.
One documented case involved 98 wallets tied to a token called DRAFT moving 179.88 ETH into a hub. The hub then funded a wallet that sent 20 ETH to DEED’s funding key, which signed DEED’s batch just 16 seconds later.
Beyond the hub pattern, Wazz identified four launches connected by identical private keys signing funding batches, and four more tied together through a single collector wallet that received proceeds from multiple projects.
Almost Every Launch Sniped for Over 70% of Supply Via Pons V2
Nearly all the launches analyzed were sniped for more than 70% of their token supply, with bundles of 70 to 200 wallets executing the buys. Most were deployed through the Pons V2 launcher, according to Wazz’s analysis.
The operation also appeared to reuse ticker names before real launches went live. Wazz counted three separate PINK launches, three CRUMBS launches, and three DEED launches tied to the same network, a pattern that could build hype and extract funds ahead of an eventual genuine contract address.
CRUMBS alone was estimated to have generated $3.12 million in extracted funds, while PINK generated $1.44 million. Wazz flagged at least two additional serial-deployment operations that could not yet be directly linked to this network but appear to have extracted millions more across dozens of launches.
Robinhood Chain Revenue Climbs to $40M as Extracted Funds Sit in ETH
Robinhood Chain launched in July (2026) and has since reported around $50 million in cumulative revenue, driven largely by meme coins and tokenized stocks. Monthly revenue rose from about $3 million in July to roughly $7 million in August, then jumped to approximately $40 million in September.
Much of the money Wazz traced remains parked in ETH rather than converted or bridged out, meaning it cannot simply be frozen by an exchange or issuer.
The CCS read. We read this as a reputational problem more than a security one. Robinhood built this chain to host regulated tokenized stocks alongside meme coins, and letting bots capture over 70% of supply on dozens of launches undercuts the pitch to institutions vetting the network for real asset issuance. Until sniping controls tighten, expect allocators to treat these launches as retail speculation, not infrastructure ready for tokenized equity flows.
Wazz has flagged at least two additional serial-deployment operations that extracted millions more across dozens of launches but remain unlinked to this specific network, leaving open how large the total exposure across Robinhood Chain actually is.
