Serial Rug Pull Operation on Robinhood Chain Extracts $18.43 Million

On-chain analyst Wazz revealed that a single entity orchestrated a massive rug pull operation on the Robinhood Chain, extracting at least $18.43 million across 53 meme coin launches over two months. The perpetrators exploited the Pons V2 launchpad's 'snipe tax' exemption mechanism, allowing pre-selected wallets to acquire over 70% of the token supply immediately upon launch. The Block verified that the team used proceeds from previous launches to fund subsequent ones, creating a continuous cycle of extraction. Notable tokens involved include CRUMBS, LEGS, and PINK, with the team frequently deploying multiple tokens with identical names to deceive investors.