A recent on-chain investigation points to a coordinated extraction ring leveraging token launches on Robinhood Chain’s Pons V2 launchpad. Analyst Wazz alleges that, between July 10 and September 21, a single operation extracted at least $18.43 million in proceeds from 53 launches.
Pons V2’s design imposes a 99% snipe tax on purchases made in roughly the first 5 seconds unless a wallet is exempt. The intent was to block bots, but Wazz says creators could whitelist selected addresses, letting certain wallets buy supply tax-free as trading opened.
In 9 reviewed launches, between 15 and 25 wallets were exempted, then bought out launches in under a second or within the first few blocks, leaving the creator and exempt addresses holding roughly 82% to 86% of supply. The core issue is the allegation that the launch design let selected wallets dominate supply almost instantly, raising questions about who controls those exemptions and how clearly buyers can see concentration at launch.