An on-chain investigation linked 53 memecoin launches on Robinhood Chain to a coordinated operation that extracted at least $18.43 million between July and September. The scheme used bundles of wallets to snipe tokens for 70% or more, with most launches occurring through Pons V2, though no allegations were made against Pons or Robinhood operators.
Robinhood Chain, a blockchain platform built on Robinhood's 28.6M customer base and $384B in assets, is gaining traction with $50M in revenue in three months and multiple Web3 gaming launches. However, an on-chain investigation linked 53 memecoin launches on the chain to a coordinated operation that extracted approximately $18.43M between July and September through wallet sniping.