On-chain Analyst Wazz: A Series of Continuous Rug Pulls and Withdrawals Tracked on Robinhood Chain, 53 Token Issuances Linked to $18.43 Million
On-chain analyst Wazz reported that he tracked a series of continuous rug pulls and withdrawal operations on the Robinhood Chain, with at least 53 token issuances linked over the past two months, directly associated with a withdrawal amount of $18.43 million, with the actual scale likely higher.
The chain launched on July 1, 2026, as a Layer 2 solution on Arbitrum Orbit. Wazz noted that 45 of the issuances were interconnected through cash flow: the profits from one project often transferred to the launch wallet of the next project within seconds; additionally, four instances shared the same private key for funding batches, with four transfers going to the same aggregation address. The DEED that triggered the investigation did not rank among the top ten withdrawal amounts for this group.
Almost all projects were targeted immediately upon launch, with the number of bundled wallets ranging from 70 to 200, controlling over 70% of the supply, most of which were issued via Pons V2. Pons V2 imposes a 99% buy tax for ordinary buyers at launch, which diminishes within about five seconds, but does not tax up to 32 exempt addresses written in at creation, allowing bundled wallets to use the exemption pathway.
Some projects initially conducted "false issuances," using pre-heating contracts to gather funds before revealing the actual addresses. The top three identified withdrawal amounts were CRUMBS at approximately $3.12 million, LEGS at about $2.9 million, and PINK at around $1.44 million; PINK, DEED, and a contract starting with 0x80ba were all involved in three associated issuances. Additionally, at least two sets of deployments that could not be directly linked to these 53 instances also withdrew millions of dollars.
In market mechanics, buyers are retail investors chasing new launches and trend-following bots, while sellers are bundled wallets and aggregation addresses controlling supply. Funds flow from the Pons curve and pools to launch wallets, then transform into the next round of ammunition within seconds. The beneficiaries are the operational group and the launch platforms that collect fees, while the pressure is on the pricing of new launches on the Robinhood Chain and the time external funds are willing to remain. The event was driven by Wazz's public disclosure of the funding map, rather than a single liquidation event.
Source: Public Information
ABAB AI Insight
Wazz previously gained attention for dismantling Solana and EVM launch bundles, and this time he applied the same pattern to the Robinhood Chain, which has been live for only about two months. Historical comparisons include the pump.fun pipeline from 2024-2025 and earlier BSC launch factories: using the exit funds from one project to inflate the deployment address of the next, creating a self-circulating system without external venture capital. DEED is just the entry point, indicating that investigations often start with mid-tier projects, while large withdrawals are hidden in earlier, quieter contracts.
The capital path is "launch and recover": Pons V2 turns anti-sniping into a launch tax but reserves up to 32 tax-exempt addresses for creators, while bundled bots enter on a whitelist to lock in 70% of the supply. Money flows from retail buyers into the curve, is reused across projects through aggregation wallets in seconds, and then through fake contracts to pre-heat the second round of entrants into higher-priced buyers. The motivation is not to create a community that lasts more than a week, but to treat the throughput of the launch platform as the speed of a cash machine.
Similar cases include studios on Solana launching dozens of memes, using the same factory contracts on Ethereum for skin swaps, and traditional stock market shell companies engaging in serial issuance. The industry is in a period of uncontrolled expansion at the launch layer: chains and launch pads are prioritizing transaction volume and fees, while control has yet to reach compliant exchanges or official market-making, and transformation has not occurred because the fee model still rewards frequency rather than survival rate.
Structural judgments belong to the reconstruction of the industrial chain. New coin issuance has been rewritten from "project fundraising" to a three-piece set of "packager + launch pad + second-level reinvestment," with pricing power shifting from open trading to whoever can write an exemption list in the genesis transaction. The mechanism is that once anti-sniping parameters can be exempted by the creators themselves, the design that protects retail investors turns into a design that protects the inventory of the big players, with platform fees and group withdrawals growing simultaneously on the same production line.
ABAB News · Cognitive Laws
- Anti-sniping clauses often first protect the creators.
- The exit funds from one project serve as the startup capital for the next.
- The higher the launch frequency, the closer the withdrawal factory is to perpetual motion.