Bitquery has expanded the suspected Robinhood Chain rug-pull investigation to 56 memecoin launches and estimated the group’s net proceeds at approximately $15.5 million, or $12.4 million under its strictest accounting method. The analysis, published on September 28, covers activity through September 23 and follows an earlier estimate of $18.43 million from pseudonymous analyst Wazz. Most of the activity occurred on Pons, a token launchpad on Robinhood Chain that uses a bonding curve (a pricing model that rises with demand) and a 99% initial purchase tax intended to deter sniping. Token creators can exempt selected wallets, however, allowing coordinated addresses to buy early at launch prices. In the DEED launch on September 21, a related wallet funded 92 new addresses about 40 minutes before launch, and 25 exempt wallets bought roughly two-thirds of the supply in the next block. Bitquery found Pons collected only 1.9 ETH in snipe tax across 35 launches tied to the group. The report also identified 467 other clusters using the same waiver-and-bundle method on Pons, with possible earnings of $11.6 million. The findings suggest the issue extends beyond one group: launchpad features that streamline token creation can also make coordinated early buying inexpensive and repeatable. A February 2025 SEC (U.S. securities regulator) statement said transactions involving meme coins matching its description generally do not involve securities, while noting that different facts can produce a different conclusion.