An on-chain analyst has uncovered a major rug pull scheme on the Robinhood Chain, revealing losses exceeding $18 million across 53 token launches.
A detailed investigation by analyst Wazz has revealed a large-scale rug pull operation on the Robinhood Chain, where a coordinated group executed 53 token launches within a two-month timeframe, leading to a loss of approximately $18.43 million.
The scheme was self-sustaining; profits from earlier launches were used to finance subsequent ones. In total, 45 of the token launches involved fund transfers among projects, while four employed identical keys for signing batch transactions. Additionally, another four were traced back to a common collection address.
Wazz noted that in most cases, over 70% of the tokens were acquired by a small number of wallets, ranging from 70 to 200, with many launches facilitated through the Pons V2 launchpad.
In a strategic move, token creators exempted certain addresses from anti-sniping measures ahead of token launches, enabling fraudsters to quickly acquire tokens shortly after their release. This manipulation skewed the bonding curve and allowed those exempted to secure 82-86% of the token supply.
The analyst suggested that the group may also have conducted false launches, setting the stage for the subsequent release of genuine tokens that were subsequently dumped. Noteworthy incidents included the CRUMBS token, which lost $3.12 million, LEGS at $2.9 million, and PINK at $1.44 million, with initial investigations focusing on the DEED token, which ultimately fell short of the top ten in extracted funds.
Moreover, Wazz discovered at least two additional serial scam operations not directly linked to the main group. Most of the stolen assets are held in Ethereum, presenting challenges for recovery efforts.
Interestingly, a recent incident involving hackers from the GTA 6 leaks also contributed to the downfall of their meme token in August.
