Chain of meme-coin rug pulls on Robinhood Chain drains $18.4M

A single actor appears to have siphoned about $18.43 million through the issuance of 53 meme coins on Robinhood Chain in what The Block described as a large-scale chain of rug pulls. According to onchain analyst Wazz, the group exploited a 99% anti-sniping fee exemption feature on the Pons V2 launchpad. When a token creator granted fee-exempt status to a specific cluster of wallets, those wallets used bundled transactions within one second of launch to capture more than 80% of the supply, then immediately sold the tokens to pull funds back out. Wazz said the group repeated the method across more than 50 meme coins, using proceeds withdrawn from earlier tokens to fund initial purchases of later ones. Most of the siphoned funds are in ETH and cannot be frozen, while some were laundered into stablecoins such as DAI through cross-chain bridges.