Same Team Behind 53 Altcoin Launches? $18 Million Money Trail!

On-chain analyst Wazz linked 53 token launches on Robinhood Chain to the same fraud operation. According to the investigation, money withdrawn from one launch was used to finance the next.

The research, reported by Wu Blockchain on September 27, covers a period of roughly two months between July and September. Wazz alleges that at least $18.43 million was withdrawn in total by the operation tied to these launches. The method, which the analyst describes as a rug pull, involves withdrawing funds from tokens that have attracted investor interest and leaving buyers with losses.

One launch’s proceeds went to the next

The investigation’s most striking finding is the financial connection between launches that appeared to involve different projects. Wazz says he linked 45 of the 53 launches through fund flows, with proceeds from one used to finance the next. He also points to shared funding keys and aggregator wallets for the remaining connections.

According to the figures shared by the analyst, approximately $3.12 million linked to CRUMBS, $2.9 million linked to LEGS, and $1.44 million linked to PINK were withdrawn. These figures are based on calculations in Wazz’s investigation.

Initial buys using hundreds of wallets

According to Wazz, in most launches, 70 to 200 wallets were used to acquire more than 70 percent of the token supply in the initial phase. This finding suggests that early transactions that appeared to involve numerous buyers may have been linked to the same operation.

Some projects are also alleged to have attracted buyers using fake pre-launch contracts before disclosing their official contract address. The investigation focuses on token launches on Robinhood Chain; it does not allege that Robinhood the company carried out this operation.