Robinhood Chain Shockingly Reveals 'Serial Rug' Gang: 53 Token Launches in Two Months, Suspected of Making Off with $18.43 Million

BlockBeats news, September 27: On-chain analyst Wazz posted that he discovered a suspected large-scale continuous Rug Pull and fund extraction operation on Robinhood, linked to at least 53 token launches over the past two months, with a cumulative amount directly associated so far of $18.43 million, and the actual scale may be higher.

Wazz stated that there is a clear correlation in the fund flows between these projects, with the proceeds from one project typically used within seconds to fund key wallets for the next project. Nearly all projects were sniped at launch, taking over 70% of the token supply, and were bundled through 70 to 200 wallets, with most projects issued via Pons V2.

He also found that some projects even conduct "fake launches" first, using hype and preheating to attract funds in advance, then announcing the real contract address to further increase the scale of fund extraction. Among them, CRUMBS is currently the project with the highest amount of funds extracted in the investigation, totaling approximately $3.12 million.