Wazz Links 53 Robinhood Chain Launches to Alleged $18.43M Rug-Pull Operation
The alleged operation used as many as 200 wallets per launch and acquired more than 70% of each token’s supply.
On-chain analyst Wazz linked at least 53 token launches on Robinhood Chain to an alleged coordinated rug-pull operation that extracted $18.43 million over roughly two months.
The operation allegedly used 70 to 200 wallets per launch and acquired more than 70% of each token’s supply. Profits from one launch were then routed into wallets used for another within seconds, creating a repeated funding cycle.
The traceable total may not represent the operation’s full proceeds. CRUMBS was identified as the largest alleged cash-out at approximately $3.12 million, while DEED prompted the investigation but did not rank among the 10 largest alleged withdrawals.
Robinhood Chain launched its public mainnet July 1 as an Ethereum Layer 2 built with Arbitrum technology. The allegations do not identify the people behind the wallets or establish criminal conduct, and there is no indication that Robinhood issued or promoted the tokens.
