An on-chain analyst uncovered a syndicate behind 53 token launches on Robinhood Chain that collectively scammed investors out of at least $18.43 million since the chain's launch in July 2026. The group used a network of wallets to control over 70% of each token's supply, creating fake hype and misleading launches to pump prices before cashing out. This cycle of fraud was self-funding, with profits from one scam fueling the next. The investigation highlights a major risk in memecoin markets where supply concentration enables insiders to manipulate prices and defraud retail investors. Additional unrelated scams on the chain suggest total losses are even higher.
The story on a $18M rug-pull syndicate involving 53 Robinhood Chain token launches provides context for cryptocurrency market activity. For readers following crypto markets, here is Pluang's snapshot as of Sep 27, 2026 23:51 WIB: out of 50 major cryptocurrencies, 11 rose and 38 fell today. Among notable movers, AXS dropped 3.17% to Rp20.999 with a typical hold time of 62 days, XTZ fell 2.96% to Rp5.804 with 99 days typical hold, and EGLD declined 2.83% to Rp83.097 with an 85-day hold period. Pluang order activity shows a buy majority for these assets, ranging from 61% to 84% buy orders.
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