Pons V2 Exemptions, 53 Launches, One $18.43M Trail: Robinhood Chain Memecoin Probe Deepens 🧩

A pseudonymous onchain analyst known as Wazz has tied 53 Robinhood Chain token launches between July 10 and September 21 to a single rug-pull operation that extracted at least $18.43 million, according to a thread published Sunday. The Block, which reviewed the claims, confirmed the sniping pattern across 10 of the listed launches and verified one of the fund flows Wazz used to link the projects, but said it did not independently replicate the $18.43 million headline figure.

According to Wazz, nearly every launch in the set was snapped up for 70% or more of its supply by bundles of 70 to 200 wallets, with 45 of the projects tied together through payments traced from one launch's collector wallet. The wallets in question were largely deployed through the Pons V2 launchpad, which offers an anti-sniping exemption mechanism that exempts designated wallets from snipe-protection rules during token sales. Wazz's thread frames the pattern as a coordinated extraction scheme rather than a base-layer vulnerability on Robinhood Chain.

The allegations arrive amid a memecoin-fueled stretch for Robinhood Chain, an Ethereum layer 2 built with Arbitrum's technology stack that launched July 1. Fees collected by the Pons launchpad pushed the network to a record $6 million in fees in a single day earlier this month, and Robinhood's policy of subsidizing gas costs has kept deployment cheap and consistent — conditions that make a 53-launch, two-and-a-half-month operation mathematically plausible on the chain.

Robinhood Chain's core infrastructure remains distinct from the Pons V2 launchpad, where the alleged exemptions and sniping behavior are documented. High-volume, low-friction token issuance on the network is not itself evidence of an exploit; reviewers describe it instead as the terrain on which such operations are built, with the contested figures, exemptions and wallet funding trails concentrated in launch mechanics rather than the chain's base layer. The Block's findings have not yet been publicly contested by Pons or by Robinhood Chain operators.