Suspected Industrial-Scale Rug Pull Scheme on Robinhood Chain Linked to 53 Meme Coins

On-chain analyst Wazz has uncovered a suspected coordinated rug pull scheme on the Robinhood Chain, involving at least 53 meme coins launched between July 10 and September 21. The operation allegedly cashed out over $18.4 million by utilizing a systematic sniping process, primarily through the Pons V2 launchpad. The perpetrators reportedly used 70 to 200 wallets to acquire over 70% of the supply of each token immediately upon launch by exploiting the 'anti-sniping' fee exemption feature. Investigations revealed that the projects are linked through shared funding addresses and transaction patterns, with the largest single suspected exit, CRUMBS, accounting for approximately $3.12 million. Some funds have been traced moving across chains to Ethereum via the Relay bridge.