Robinhood On-Chain Token Launch Group Exposed: Operated 53 Projects in 2 Months, Raked in Over $18 Million

Original | Odaily (@OdailyChina)

Author | Wenser (@wenser 2010)

Editor's Note: Since its launch in July, Robinhood Chain has consistently ranked at the top of crypto market trending lists, especially during the Meme craze from late August to mid-September. Robinhood Chain almost single-handedly drove market hype with innovative assets like "multi-million-dollar-market-cap Meme coins" and "coin-stock paired Meme coins." But after entering late September, the Meme momentum on Robinhood Chain has somewhat cooled off. On one hand, the official Gas subsidy expired; on the other hand, the wave of one-shot Rug pulls began to increase, and the Meme market quickly entered a "fastest-finger-first" phase.

Recently, on-chain analyst Wazz monitored a RugPull group on Robinhood Chain that had launched at least 53 projects over the past two months, cashing out approximately $18.43 million in total. The question of whether the Robinhood Chain hype is fading might be glimpsed through this case.

DEED as the Trigger: A Deep Dive into the Inner Workings of the Robinhood Chain Token Launch Group

According to Wazz's exposure, he recently uncovered the largest serial Rugpull operation group on Robinhood Chain — the organization launched 53 projects within two months, cashing out approximately $18.43 million in total. This only accounts for directly linked funds; the actual profits are likely much higher.

Interestingly, the token DEED, which initially prompted his decision to launch the investigation, doesn't even rank in the top 10 among these 53 projects by market cap or cash-out proceeds. (Related projects include HOT, WAIFU, RIG, PRESS, BELL, VAULTS, EQUITY, DEED, and others.)

From Point to Web: A Deep Dive into the Token Launch Group's Fund Flows

The core that ties this insider story together is fund flow: The group would transfer the cash-out proceeds from the previous project directly to the deployment wallet of the next project, and this typically happened just seconds before that wallet address signed its next fund transfer. Nearly every project had over 70% of its circulating tokens sniped in advance at the opening stage, and each project was bundled with 70–200 sybil wallets, most of which were launched through Pons V2. (Odaily key takeaway: Projects launched via Pons should be closely scrutinized — beware of traps.)

Without a doubt, this is a highly organized Rug pull assembly line — but conversely, as long as you do even a little due diligence, the vast majority of these traps could have been avoided.

Additionally, according to Wazz's detection, the token launch group had its own dirty tricks: They would create fake token schemes for their real projects — pumping fake tokens to the moon before the official token launch, thereby harvesting a wave with fake tokens before the real contract address (CA) was even announced, maximizing returns. This tactic is truly despicable — harvesting the same project multiple times. The group repeatedly harvested 3 times each during the token launches of projects like PINK, CRUMBS, and DEED to extract profits.

Top 3 Cash-Out Projects of the Token Launch Group's Rug Pulls: CRUMBS, LEGS, PINK

Below are the top three projects by cash-out scale that Wazz discovered through tracking on-chain fund flows and wallet addresses:

CRUMBS: $3.12 Million Total Cash-Out

This is the wallet trail associated with CRUMBS — a total of 92 linked wallets were detected. The project's peak market cap was approximately $8 million, and the token launch group cashed out $3.12 million from it, with launch costs of approximately $150,000.

LEGS: $2.9 Million Total Cash-Out

This is the wallet trail associated with LEGS — a total of 77 linked wallets were detected. The project's peak market cap was approximately $6.6 million, and the token launch group cashed out $2.9 million from it.

PINK: $1.44 Million Total Cash-Out

This is the wallet trail associated with PINK — a total of 125 linked wallets were detected (so many that even a single screenshot couldn't fit all the addresses).

Key Information Summary: 45 Projects Linked by Fund Flows, 4 Projects Linked by Signatures, 4 Projects Linked by Fund Consolidation

Based on the available investigation information, Wazz offered his summary:

• 45 projects are linked through fund flows, in a very blatant manner: the intermediary wallet of the previous project directly transfers funds to the developer deployment wallet of the next project;
• 4 projects (VAULTS, WAIFU, DEED's second launch, CRUMBS) are linked through private key signatures: the same private key wallet signed different batches of funds for two different projects;
• 4 projects (LEGS, PINK, and CRUMBS's 2 launches) are linked through fund consolidation wallets: the proceeds from two projects ultimately went to the same receiving wallet.

For example, from DRAFT to DEED, the entire flow chain of three transactions is as follows:

• The 98 insider wallets related to DRAFT consolidated all 179.88 ETH into a single intermediary wallet address;
• The intermediary wallet transferred funds to a relay wallet, which then transferred 20 ETH to the DEED developer deployment wallet;
• Just 16 seconds later, this wallet signed DEED's batch fund transfer.

45 out of the 53 projects are linked through this very method.

It's worth noting that in addition to this "53-coin insider group," Wazz also identified at least two other serial token launch groups, but was unable to directly link them to this batch of projects for now. These 2 token launch groups also cashed out millions of dollars through serial token launches, involving dozens of projects, but so far, the "53-coin insider group" is the largest one he has uncovered.

As for the funds, most of the illicit proceeds were converted to ETH and held on the Ethereum network, making it impossible to freeze the related assets. However, the group's associated wallets have all been imported into Wazz's own on-chain database and tagged accordingly. He will subsequently distribute the relevant on-chain intelligence and wallet tag database for more people to reference, in order to avoid similar traps.